#ETH The price shows a bullish pattern.

According to the latest market analysis, the price of Ethereum has fallen by more than 7% in the past seven days. Currently, the price of the cryptocurrency is $3,542.89, with a market value of more than $422 billion.

Despite the decline in the market. But a bullish flag pattern has appeared on Ethereum's daily chart, which was formed after Ethereum reached its peak in May.

Currently, the price is testing the support level near the lower limit of the bullish flag, which may catalyze a bull market rebound if it successfully holds the support level.

Key factors to pay attention to in Ethereum's trend:

1. The market is not out of control,

2. Ethereum's foreign exchange reserves are decreasing, which indicates an increase in buying pressure. In addition, the number of tokens transferred in the past 24 hours has surged by 13.93%, which is a positive sign for the market.

3. In the derivatives market, optimism is obvious. Ethereum's financing rate has risen, indicating that traders holding long positions are willing to pay traders holding short positions, which is a sign of bullish sentiment.

The price of Ethereum is testing key levels, indicating the potential for a bullish trend. Key indicators such as foreign exchange reserves, funding rates, and NVT ratios indicate that bullish sentiment may prevail. If Ethereum successfully breaks through the current resistance level, the price may climb to $3,675. Conversely, if the upward trend fails to maintain, the price of Ethereum may fall to $3,500.

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