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Ethereum (ETH) price showed a choppy chart during Bitcoin (BTC)'s sideways trend below $58,000. BTC's unclear guidance has hindered the progress of many altcoins, including ETH. Ethereum started to see buying interest again when Bitcoin stabilized above $50,000, and the price of ETH broke the psychological barrier of $3,000. Now investors are watching to see whether ETH will remain at this level.
Optimistic Goals and Current Situation:
The recent recovery in Ethereum price began when the price remained above a key trend line from late January. ETH reached $3,062, an increase of 41% in the past five weeks; This rise was attributed to the increase in the price of Bitcoin and the anticipation of the Dencun update planned for mid-March. The price of ETH fluctuated between $3,030 and $2,875 last week, eventually rising above the $3,000 level. If the price remains at this level, investors will focus on potential resistance levels at $3,180 and $3,280.
Technical Signals and Warnings:
Although the outlook is positive, technical indicators suggest that Ethereum is moving in a widening channel formation and may face selling pressure as it approaches the $3,180 resistance point. This may increase the possibility of a new correction. Exponential Moving Average (EMA) and Average Directional Index (ADX) indicators indicate that buyers may be running out of steam and a pullback is needed.
