Is Ethereum Price Heading to $3500? This Chart Pattern Offers Insight

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A rising channel pattern leads the current recovery trend in the ETH price.

The Ethereum’s Fear and Greed index at 74% reflects the market sentiment is bullish.

The intraday trading volume in Ether is $1.3 Billion, indicating a 24% gain.

Ethereum Price: ETH, the second-largest cryptocurrency, experienced significant volatility this week, reflecting the consolidation of Bitcoin prices below $38,000. This sideways movement led to a decrease in bullish momentum across the crypto market, hindering the progress of most major cryptocurrencies. 

Despite this, with the Bitcoin price stabilizing above $30,600, ETH witnessed a resurgence in buying interest. This surge pushed ETH’s price beyond the psychological barrier of $3,000. Is this breakout a signal to enter the market?

Is ETH Price Ready to Gain $3500?

The Ethereum (ETH) coin initiated its current recovery trendline in late January when the price showcased sustainability above $2166. This upswing recorded 41% over the past five weeks and reached the current trading price of $3062.

The recovery was spared in response to the Bitcoin price rally, following the massive inflow of funds into the spot BTC ETG. The bull run gained further momentum as the Ethereum network steadily progressed to its much-awaited Dencun upgrade scheduled for implementation at slot 8626176 around mid-March.

This week, the Ethereum price traded majorly s