**Current Price: $3,324.01**

Looking at recent Ethereum trends, from the low of over 2,623 to the current level, this wave of market movement is quite interesting. The price has firmly broken above the 7-day and 25-day moving averages, and the short-term moving averages are all bullish, indicating that the bulls are gaining momentum. But this is just a rebound; don’t get too optimistic.

**What does the technical analysis say?**

Where is the key resistance? It’s the 99-day moving average, around $3,388. If it can break through and stabilize here, the next target could be in the $3,500–$3,600 range. But the key point is—trading volume hasn’t truly picked up yet, which is a hidden risk.

Looking at support levels, the $3,100–$3,200 zone is a recent consolidation area and an important buy-in zone. If the price pulls back to this level, whether bulls can support it will determine the subsequent direction.

**What is driving the market?**

Externally, factors like the Federal Reserve’s monetary policy, US inflation data, and Bitcoin’s performance are the main short-term catalysts. Internally, developments in Ethereum’s Layer 2 ecosystem, ETF-related expectations, and continuous institutional inflows could also serve as future catalysts.

**Risks to watch out for**

The crypto market is inherently volatile. This current move is just a rebound, not a reversal. There’s a significant risk of a pullback after a rally. If the 99-day moving average doesn’t break, the price might retest the $3,000 level. Also, keep an eye on Bitcoin’s movements—if BTC experiences a sharp correction, ETH is likely to follow.

**In summary**: The short-term window is right in front of us. Key levels to watch are $3,388 above and $3,200 below. Breaking through resistance could lead to further gains, otherwise expect range-bound oscillation.