ETH Consolidates At $3,000 As Bulls Look To Make A Move Soon (Ethereum Price Analysis)

Ethereum price has found resistance to break below the critical $3,000 support region, causing slight fluctuations within a narrow pivot range. However, a further bullish surge is expected in the medium term, driven by emerging demand.

By Shayan

The daily chart

Following the daily chart analysis, Ethereum has been struggling to break the crucial $3,000 support region, with the price bound within a narrow range.

This significant range is bounded by the Fibonacci levels of 0.5 ($3133) and 0.618 ($2906), closely matching the critical 100-day moving average. This alignment suggests substantial demand around this fundamental threshold.

Recent price action indicates a potential increase in demand, indicating the possibility of a strong bullish rally. However, a sudden breach of this critical support zone could trigger a cascading effect, with the next support target in the $2.5K region and the 200-day moving average at $2.6K.

Source: TradingView The 4-hour chart

A closer examination of the 4-hour chart reveals a multi-week range phase, with Ethereum consolidating between the significant support at $3K and the critical resistance at $3.2K.

Currently, the price is showing a sideways movement within this range, pulling back towards the lower limit corresponding to the $3,000 support region. This indicates a tug-of-war between sellers and buyers.

Should the sellers successfully break above the $3,000 support level, a strong bearish trend could emerge in the medium term. However, given the recent price dynamics and prevailing market sentiment, there is an expectation that Ethereum will get enough bullish momentum, which could lead to a renewed uptrend towards the $3.6k threshold.

Source: TradingView

By Shayan

Amid Ethereum’s recent period of sideways consolidation and uncertain price action, investors are closely monitoring trader behavior in the futures market for insights into possible shifts in market sentiment.

The chart provided illustrates Ethereum’s funding rates metric, which assesses whether buyers or sellers are executing their future orders more aggressively, primarily using market orders. Positive values ​​indicate bullish sentiment, while negative values ​​reflect bearish expectations.

The chart reveals a significant drop in funding rates compared to levels seen a few months ago. Despite the decline, funding rates remain low but positive, suggesting a bullish signal. This indicates that demand is still present while the futures market is no longer overheated. Consequently, this situation suggests the potential for a price rally in the near future.

Source: CryptoQuant

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