Market Analysis of ETH/USDT:

It is currently exhibiting a short-term bullish. The price is trading at $2,929 after strongly rebounding from the low of $2,623. The market structure indicates higher lows and higher highs, meaning buyers are in control. The moving averages, too, are aligned for a bullish bias-the shorter MAs sit atop the longer ones-which means that the upside momentum may continue.

Key support comes in at $2,900 as a near support; then there is $2,810, which coincides with the longer moving average and has provided solid technical support. A more critical support lies at $2,623, where a strong rebound happened earlier.

On the upside, immediate resistance comes in at $2,987, which has capped price several times already, while stronger resistance around $3,063, where price was rejected during its prior rally, should be eyed. During this upside breakout, volume increased-a sign of strong buyers. If price goes higher with declining volume, that would hint at some pullback.

Overall, the chart indicates continued bullishness, especially if price holds above the support levels, for a further push upwards if the buyers manage to break through the $2,987 resistance region.

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