Ethereum Price Watch: Can ETH break through the $4,000 mark?

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Ethereum (ETH) has seen a pullback in recent price performance, losing a lot of gains in the last trading day, falling to $3,300, a drop of 5.6%. Despite this, according to market data, ETH's daily trading volume has surged significantly, increasing by 25%, reaching $22.7 billion at press time.

Amid the current bearish trend, ETH futures open interest has seen a steady decline, from a monthly high of $28 billion to $26 billion. This indicates that leveraged positions in the market are decreasing, which may indicate that investors are becoming more cautious in the face of current price fluctuations.

However, despite the short-term price pressure, multiple market indicators are beginning to signal a bullish reversal. Analysts point out that as market sentiment changes, ETH still has the potential to break through the $4,000 mark, especially with favorable fundamental and technical support.

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