Following weeks of decline, Ethereum (ETH) is showing signs of recovery, mirroring Bitcoin's gains. Tracking an upward movement, ETH has reclaimed the $3,300 level, marking a 7.5% increase this past week. This turnaround has intrigued market participants keenly observing Ethereum's trajectory.
ShayanBTC of CryptoQuant notes Ethereum's consolidation within the $3,200-$3,500 range, hinting at a possible bullish breakout. Funding rates are rising again, signaling increased confidence in Ethereum's short-term outlook. A sustained rise in these rates and long positions may be crucial for breaking past the $3,500 resistance.
Ethereum currently trades at $3,346, a 10% weekly surge. Nonetheless, it's still down 31.3% from its all-time high of $4,878. Market optimism persists, with analysts suggesting further gains, especially under pro-crypto leadership. Crypto analyst Trader PA projects a bullish pattern, potentially driving Ethereum beyond $5,000.
![Ethereum’s [ETH] price could hike by 22% to hit $3,500 ONLY if…](https://loutre.blockchair.io/w4/storage/news/2d065a81e30cf52ab74493b9ec97beaa.png){kind=small}
