Yesterday, Ethereum's movement was quite interesting. After the US stock market opened, it surged to around 3088, but was pushed down by the bears, with several consecutive bearish candles breaking through 2950, dropping to a low of around 2910. Just when everyone thought it would continue to fall, the price stubbornly rebounded, finally stabilizing around 2940.

From a technical perspective, this move released many bullish signals. The low at 2910, a classic "pin" pattern, indicates that the selling pressure from the bears has been somewhat exhausted. After breaking below 2950, it didn't continue to extend downward but was quickly pulled back up, proving that there is strong buying interest below. Structurally, although the correction was significant, the rapid rebound brought the price back to the 2940-2950 zone, which is very helpful for stabilizing market sentiment and also laid a good foundation for subsequent corrective rebounds.

What’s next? The key is to hold the 2910 low. If it can stay above this level and absorb the short-term selling near 2950, there is a chance for a technical recovery. The first target can be in the 2980-3000 range. In simple terms, 2910 is the dividing line between short-term strength and weakness. As long as it is not effectively broken, the probability of the market resuming an upward trend after sufficient consolidation increases.