ETH Poised for a Large Move Following Successful Defense of $3K Level: Ethereum Price Analysis

Ethereum’s price has been correcting over the last few weeks following a decisive rejection from the $4,000 resistance level back in March. Yet, the market might be about to make a U-turn.

The market has also held above the $3,000 support level, and investors are hoping for a rally toward the $3,600 resistance zone in the short term. Yet, so long as the channel remains intact, a further bullish continuation cannot be expected.The 4-hour chart further clarifies the recent price action. It is evident that the $3,000 support level has prevented the price from dropping any lower, and the market is forming a bottom.

A crucial indicator in assessing this sentiment is Open Interest, which quantifies the number of open perpetual futures contracts across various cryptocurrency exchanges.

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