The price of Ethereum (ETH) is currently at $2,520. There have been significant inflows into ETH products, with whales increasing their holdings. Despite this bullish sentiment, hedge funds have heightened their short positions, leading to bearish pressure on ETH as it aims to validate a bullish flag pattern.
ETH has seen a bit of a decline recently, facing resistance at around $2,530. Continued support at $2,260 is crucial for a potential rally to the $3,000 psychological level. However, failure to hold support could lead to a decline towards $1,688.
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