_🛑✋️🚫Ethereum's Recovery and Optimism_ 🚀
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- Ethereum's price has increased by 14.7% in a week, surpassing Bitcoin's 0.8% rise 📈
- The upcoming Ethereum merge (from proof-of-work to proof-of-stake) has
contributed to investor optimism 🔩
- However, the cryptocurrency market is volatile, and Ethereum's price may be affected by resistance levels and bearish sentiments 🚨
_Positive Indicators_ 🌟
- Increased active addresses indicate growing engagement with the network 📊
- Low net deposit on exchanges shows strong buying pressure 💸
- Coinbase premium is in the green, reflecting positive buying sentiment among US investors 🇺🇸
- Funding rate in the derivatives market remains positive, suggesting active buying of ETH at higher price levels 📈
_Challenges Ahead_ 🚧
- Ethereum needs to surpass resistance levels at $2,400 and $2,450 to maintain its bullish trajectory 📈
- Bearish sentiments are indicated by the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) 📊
Overall, Ethereum's recent recovery has sparked optimism, but the market's volatility and potential challenges may impact its price 🤔.