Look! Ethereum (ETH) is expected to break through $3,300 again. Is now the best buying opportunity?

Click the avatar to watch the live stream and chat!

Since reaching $4,109, Ethereum [ETH] has been under significant downward pressure. As a result, this altcoin has fallen to a low of $3,095 in the past week, a decline of 16.48%.

Despite the recent drop, Ethereum seems poised to return to $3,300. This is because its funding rate has decreased since being rejected twice at the $4,000 price level.

According to Cryptoquant, Ethereum's failure to reclaim the $4,000 resistance level has led to a large number of liquidations in the futures market.

This has resulted in a significant market crash, with ETH dropping to its lows. Although ETH's funding rate spiked last week, the altcoin failed to maintain above $4,000, leading the funding rate to return to healthy levels. These levels are very conducive to a bullish trend.

Therefore, the cooling effect resulting from this may pave the way for a more sustainable rebound in the coming weeks.

Historically, this pattern occurred in January 2024, when a decline in the funding rate led to a cooling in the futures market, driving ETH into a significant upward trend.

In this round of rebound, Ethereum rose from $2,169 to $4,091. This historical precedent suggests that the current market reset may signal the start of another bull market phase.

With optimistic market expectations, ETH may rebound from the low of $3,300 and reclaim higher resistance levels. If these conditions are met, ETH will reclaim the resistance level of $3,700.

The trend from now on could drive Ethereum towards $3,900. However, due to strong bearish sentiment, if the bulls fail to regain the market, ETH could drop to $3,160.

Click the avatar to watch the live stream and chat!