Ethereum’s recent price action is actually quite clear. Last night’s downward wick was definitely scary—the drop was a bit steep, but it was quickly pulled back. Behind this, you can see that whale capital is continuously entering and increasing positions, and the strength of the rebound is obviously stronger than expected.

From a technical perspective, the hourly chart has already successfully broken upward, and now it’s testing the key 4-hour EMA level. If there’s enough volume to hold and break through here, the target price of 3250 should be reached soon. For short-term trading, pay close attention to the following: the support range is between 3065 and 3050, while the resistance zone is concentrated between 3150 and 3230.

Overall, as long as the lower support isn’t broken, there’s still room for upside to look forward to.