Recently, friends who are closely watching the market should have noticed that ETH's rebound has been quite strong. As of November 10th, the price surged over 7% at one point, regaining the level above $3,600. Behind this movement is a significant backdrop—the U.S. government shutdown crisis appears to be nearing resolution. As macro-level uncertainties decrease, overall crypto market sentiment has improved.

The current price position is quite delicate. Looking upward, $3,720 and $3,650 are two key resistance levels. Whether ETH can break through these levels largely determines how far it can go next. If it successfully surpasses them, the upside potential could open up. On the downside, $3,500 and $3,350 are critical support levels, especially $3,500. Many believe that holding this level could form a base, allowing for a steady rebound.

Honestly, the market sentiment is quite divided right now. The bullish camp believes ETH could reach around $3,757 or even $3,833, citing favorable technical patterns and improving macro conditions. However, some are more cautious, worried about outflows from spot ETF funds, which could weigh on prices, and they even consider the possibility of retesting $3,000.

An interesting detail is that on-chain data shows that during previous pullbacks, some large holders quietly accumulated positions. Whales took advantage of the price retracements to buy more, which is usually a positive signal indicating that long-term investors remain confident about the market's future.

If you currently hold positions, this stage requires extra caution. On one hand, if macro sentiment continues to improve, the market's positive reaction to the resolution of the shutdown could persist, pushing prices toward higher resistance zones. On the other hand, as long as the support zone between $3,500 and $3,350 holds, the short-term structure remains relatively healthy. But remember, the market is always unpredictable—don't put all your hopes on a single direction.