Ethereum (CRYPTO:ETH), the second-largest cryptocurrency, has experienced recent volatility, dipping below $3,000 before rebounding.

While a surge in new addresses on the network suggests growing interest, overall market sentiment remains negative following the unmet expectations of the Bitcoin halving.

Technical indicators offer conflicting signals, with some hinting at short-term upswings while others point to sustained downtrends.

Analysts note potential chart patterns like flags and channels, indicating a possible breakout in either direction.

Amid this uncertainty, Ethereum's trajectory remains unclear, with the coming weeks critical for its future direction.