Ethereum (ETH) is repeating its 2021 triple bottom pattern and is currently eyeing resistance at $3,500, which could signal a breakout ahead.

Current market conditions

Price: ETH is trading at $2,314, up 0.31% in the past 24 hours. Triple Bottom Pattern: This pattern often signals a bullish reversal and could set the stage for a test of $3,500 if ETH breaks above $2,800.

Technical indicators

RSI: Currently at 45.63, this indicates that the market is neither overbought nor oversold. Bollinger Bands: Shows that ETH is trading within a narrow range and may experience volatility in the future.

capital flow

Both inflows and outflows from exchanges have increased, indicating that there is some selling pressure in the market, but the increase in outflows also shows investors' long-term confidence in ETH.

network growth

The Ethereum network is growing slowly, with 27,181 new addresses recently added, a growth rate of 0.24%, showing no significant increase in new user activity.

Outlook

Despite the support of technical indicators, mixed signals from network growth and capital flows prompt caution. The fourth quarter may determine whether ETH can break through key resistance levels and resume its bullish momentum for 2021.

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