Ethereum Price Analysis: ETH Bulls Eye $3,500 as Hopes for a Bottom Escalate

Ethereum’s price is currently trying to penetrate a key level, and if successful, the recent correction could finally be over.

The market has since dropped below the $3,500 level, but it is currently testing it from below. If the price is able to reclaim this level, the cryptocurrency could finally rally toward values higher than $4,000. To complement the technical analysis above, it would be advantageous to analyze the futures market sentiment metrics. This chart shows the funding rates metric, one of the key sentiment parameters. It shows whether buyers or sellers are executing their futures orders more aggressively.

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