After breaking above the middle boundary of the descending price channel, Ethereum has temporarily lost its bullish momentum, slightly approaching the crucial $2.8K resistance.
During this consolidation, the ETH price has slightly retraced toward the significant resistance at $2.8K, a critical level that aligns with Ethereum’s previous major swing high. Conversely, if buyers manage to regain control and push the price above the $2.8K resistance, Ethereum is likely to extend its uptrend toward the next significant target at $3K, marking a potential breakout and continuation of the bullish momentum.Analyzing key metrics from the perpetual markets can provide valuable insights into potential future price movements.
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