Ethereum experienced a 10% increase in price due to heightened market activity influenced by President Trump’s inauguration. This movement has brought the asset closer to a crucial resistance level at $3,500.
The 100-day moving average at $3,200 acts as support. Currently, ETH is fluctuating between $3,200 and $3,500, reflecting a potential bullish breakout if momentum sustains.
Changes in funding rates indicate a shift towards bullish sentiment. For ETH to break above $3,500, higher funding rates are necessary, which may lead to further price increases towards $4,000.