Ethereum has just broken through the 2-day moving average downtrend channel and is currently hovering at a critical level for its first retest. From a technical perspective, I personally lean bullish—the RSI indicator has already turned upward, and the MACD histogram is also beginning to reverse upward. This pattern is quite similar to the one before the previous rebound started.

The confirmation signal is quite clear: if the 2-day closing price can firmly stay above 3300, then as long as the pullback remains within the 3150 to 3200 range, the bullish logic remains intact.

My short-term target is around 3600. Going higher? I haven't figured that out yet; we'll have to take it step by step.

But to be honest, if the price falls back below 3000 and drops into the previous channel again, this bullish scenario will be invalidated immediately. At that point, we should be prepared for a longer period of sideways consolidation, and there's even a possibility of testing lower levels again.