$ETH Ethereum is on the path to recovery after it failed to surpass the $4,000 resistance mark. CryptoPotato reports that while Ethereum has previously traced a pattern of descending highs and lows within a downward channel, it has recently climbed above the $3,000 mark and the channel's midpoint. Should the market maintain these levels, a push beyond the channel with potential advances toward $4,000 or higher is possible.

The 4-hour chart highlights that Ethereum has just breached the $3,000 resistance area and is now testing the channel's midline. With the Relative Strength Index (RSI) over 50%, there is a strong possibility that Ethereum could pass this midline and aim for the $3,600 resistance zone, possibly kickstarting a bullish phase.

After a recent drop in Ethereum's price, a number of futures traders have either liquidated or closed their long positions, suggesting a cooldown in the futures market. However, the Ethereum funding rates metric, which helps gauge the aggressive level of buyers versus sellers in futures trades, has shown a notable decrease from earlier highs. This reduction in funding rates, although still positive, hints at a bullish outlook indicating persistent demand that might soon drive the price upward again.

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