📢 Ethereum's price is playing peek-a-boo with a key level! If it breaks through, we could see the end of the recent downturn. 📉🔄📈

- Ethereum's price has been on a rollercoaster ride since May, dropping from the $4,000 resistance level.

- Now, it's testing the $3,500 level from below. If it can reclaim this, we might see a rally towards values higher than $4,000. 🚀

- If it gets rejected, and also loses the long-term bullish trendline and the 200-day moving average around the $3,000 level, things could get a bit messy for ETH. 😬

On the 4-hour chart, early signs of a bullish reversal are appearing. The price has broken above the large descending channel pattern, but is struggling to break through the $3,500 resistance level.

But hey, the RSI indicates bullish momentum, so the market might be able to break higher and start the next upward move. 📈

Futures market sentiment metrics show the funding rates have been decreasing since the first price rejection from the $4,000 level in March. This suggests the futures market is no longer overheated, and the price could start another sustainable rally higher. 🎢

What do you think? Will Ethereum break through the $3,500 level? Let's chat in the comments! 💬 #Ethereum #ETH #CryptoNews