Ethereum (ETH) is forming a bullish W-pattern in the weekly chart. The support level at 2,947 USD serves as a neckline, with anticipated price targets above 4,100 USD.
The RSI is at 46.15, showing a balance between buying and selling pressure. A breakout above the 3,200 USD resistance could enhance bullish momentum.
The MVRV ratio reflects fair valuation for ETH. With 84.94% of accounts holding long positions, caution is advised due to potential market volatility.
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