Ethereum's price has been oscillating within a narrow range, struggling to break below the pivotal $3,000 support level. Despite this, market analysts anticipate a resurgence of bullish momentum in the near future, fueled by emerging demand.

The daily chart reveals Ethereum's price confined within a tight range, delineated by key Fibonacci levels and the 100-day moving average, indicating substantial demand around this threshold. Recent price action hints at a potential uptick in demand, signaling a strong bullish rebound. However, a breach of the critical support zone could trigger a cascade effect, with the next support target at $2,500.

A closer examination of the 4-hour chart reveals a multi-week range-bound phase, with Ethereum consolidating between significant support and critical resistance levels. The price is currently exhibiting sideways movement, retracing toward the lower boundary corresponding to the $3,000 support region, indicating a tug-of-war between sellers and buyers.

Should sellers breach the $3,000 support level, a strong bearish trend could emerge. However, considering recent price dynamics and prevailing market sentiment, there is an expectation for Ethereum to garner sufficient bullish momentum, potentially leading to a renewed uptrend toward the $3,600 threshold.

Amid Ethereum's recent period of sideways consolidation and uncertain price action, investors are closely monitoring the behavior of traders in the futures market to gain insights into potential market sentiment shifts.

The Ethereum funding rates metric, which assesses whether buyers or sellers are executing their future orders more aggressively, reveals a significant drop in funding rates compared to levels observed a few months ago.Despite the decline, funding rates remain low but positive, suggesting a bullish signal. This indicates that demand is still present while the futures market is no longer overheated, potentially paving the way for a price rally in the near future.