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#MyPortfolioInBull
This week, Ethereum (ETH) price analysis follows a balanced course according to the general dynamics of the market and technical indicators. Ethereum is trading at $3,358 in the last 24 hours and has recorded an 8.5% increase on a weekly basis. However, short-term technical analysis carries both positive and noteworthy signs.
1. Bullish Factors: In Ethereum's technical indicators, a potential "bull flag" formation is drawing attention. This pattern suggests that the uptrend may continue if the price breaks the resistance levels above $3,400. If this resistance is broken, the price could target $3,500.
2. Risks and Pressures: Decrease in daily transaction volume and increase in circulating supply can create short-term pressure on price. Especially, low growth in DeFi TVL ratio and capital outflows from ETFs can increase the downside risk.
In light of this data, the critical level to watch for Ethereum investors seems to be the $3,400-3,500 range. However, due to the volatile nature of the crypto markets, it is recommended to pay attention to risk management.