Here is the technical analysis of $ETH

The chart shows the hourly candles for the $ETH /USDT trading pair. At the current price of $1,560, Ethereum has recovered slightly from the hourly low of $1,540. This signals support was found near this level after a brief pullback. The hourly high is marked at $1,570, indicating there is resistance for further upside moves in the near term.

The short term moving averages are stacked above the longer term averages, showing momentum still favors the bulls for now. Volume has also decreased as price has risen over the past few hours, a common characteristic of an uptrend developing. Supporting the $1,540 price level will be key for the trend to continue its upwards trajectory.

If buyers can maintain their defense of the $1,540 support level, breaking the $1,570 resistance area could see additional buying pressure enter the market. This could push the price towards retesting the next resistance level at $1,580. However, if selling pressure increases and overwhelms buying activity, a break below $1,540 risks triggering a deeper pullback towards the lower support lines visible on the chart.

In summary, technical indicators point to potential for further upside. As long as $1,540 holds as support, long positions may be entered targeting $1,570 and $1,580 resistance. The overall bullish bias will remain intact unless support is lost at $1,540.

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