Ethereum, despite recent market volatility and bearish pressure, displays a bullish divergence on its daily chart. This indicates potential for a price rebound, possibly rallying above $3,000.
The Chaikin Money Flow (CMF) remains positive, reflecting increased buying pressure. ETH traders accumulate assets at lower prices, hinting at a reversal.
Additionally, Ethereum's funding rate has turned positive, suggesting renewed trader confidence. Futures traders now favor long positions.
However, ETH trades within a descending channel, indicating a bearish trend. A breakout may lead to a potential price surge to $3,249, but failure could see it drop to $2,553.
Source : beincrypto.com ↗