Yesterday, Ethereum, after opening in the US stock market, surged to around 3088 but was then met with bearish pressure. The price experienced a continuous decline and broke below the psychological level of 2950, with a low of around 2910. However, after reaching the lows, the market showed strong resilience, with the price quickly rebounding and stabilizing around 2940.

From a technical perspective, this price action signals a key bullish bias. First, the market formed a clear "pin" pattern near 2910, which typically indicates a short-term release and exhaustion of bearish forces. The price failed to continue its decline after breaking below 2950 and was instead quickly pulled back, indicating significant buy support and liquidity siphoning below that area. Second, structurally, although Ethereum experienced a deep correction, the rapid rebound brought it back to the recent key trading zone (2940-2950). This helps stabilize market sentiment and lays the foundation for a subsequent corrective rally. #Gate每10分钟送1克黄金 $ETH

Looking ahead, if the price can hold above the 2910 pin low and gradually digest the short-term selling pressure around 2950, a technical correction phase may unfold. The first target could be in the 2980-3000 range. The validity of the 2910 low will be a key dividing line for short-term strength or weakness. As long as it is not effectively broken, the probability of the market regaining upward momentum after sufficient consolidation is increasing.