Ethereum’s price has been following Bitcoin, dropping lower since the beginning of March. Yet, things might be about to change soon.
A bullish breakout above this level would be a probable scenario and could lead to a rise toward the higher boundary of the channel and the $3,600 resistance zone.Looking at the 4-hour chart, the price has been hovering around the $3,000 level over the recent weeks. Yet, the market has broken a bearish trendline to the upside. If the price keeps above the trendline and breaks through the $3,000 level, a rally toward the higher boundary of the channel will become more likely.
The perpetual futures market has been one of the key driving factors for crypto prices over the recent years. Therefore, analyzing this market’s metrics can provide useful information for anticipating future price movements.
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