The price of Ethereum (ETH) has risen by 20% in the last week, driven in part by a significant outflow of ETH from exchanges. This indicates growing confidence among holders, who may be moving their assets to personal wallets to hold rather than sell. Additionally, the number of whales holding at least 1,000 ETH has started to rise again, suggesting increasing bullish sentiment. However, with recent minor corrections, ETH is now testing its support and resistance levels to determine its next move. The closest resistance level is around $3,500, and if broken, ETH could potentially surge to $3,700. On the other hand, if the uptrend reverses, ETH may retest support at $3,000 and $2,800.



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