Ethereum's price has been correcting downwards, testing key support levels. While technical analysis suggests potential for a rebound, the futures market sentiment offers further insight. The funding rate metric indicates a cooling off in the market, suggesting a possible rally in the coming weeks.
Ethereum ’s price went through a frustrating correction at the start of the week. However, things could change soon, and a rebound might occur in the coming weeks.
At the moment, the market is testing the key $3,000 support level and the 200-day moving average, located around the same price mark. This is a significantly strong and critical level that could initiate a rebound for ETH. Yet, note that a breakdown could lead to catastrophic results, as it would indicate a complete bearish reversal.The 4-hour chart demonstrates an interesting picture of the recent ETH price action.
While Bitcoin’s price is at a key level that could create a bottom for the entire market, relying solely on technical analysis would not necessarily yield reliable insights. As a result, analyzing the futures market sentiment could add some beneficial information about the underlying dynamics and lead to better conclusions.
ETHEREUM PRICE PREDICTION CRYPTO MARKET TECHNICAL ANALYSIS FUTURES MARKET
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