ETH’s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis)

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ETH’s Path to $3K Involves Maintaining This Critical Support (Ethereum Price Analysis)
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Ethereum’s bullish momentum has weakened after breaching the middle trendline of a multi-month descending channel, resulting in muted sideways price action.

Ethereum experienced a surge driven by increased buying activity in the perpetual and spot markets, breaking above the crucial $2.5K resistance level. This breakout signals buyers’ intent to push ETH toward its yearly high of $4K despite the prevailing bearish sentiment over the past few months. Although ETH may face a period of sideways consolidation or corrective retracements in the short term, a resurgence of bullish momentum could lead to a breakout above this resistance zone. A short-squeeze event may follow if this occurs, driving further price gains. However, for now, a consolidation phase is expected before Ethereum makes its next impulsive move.

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