Ethereum has pulled back to the $3.5K support level after being rejected at the critical $4K resistance. However, strong buying pressure has pushed the price back to the $4K level. 📈

If the $4K resistance is broken, the price could rise further as short positions are closed. However, in the event of failure, ETH could consolidate in the $3.5K-$4K range. 📊

The increase in funding rates supports the market's bullish outlook.