Ethereum just followed yesterday’s momentum and shot up, but turned back around right after touching the $3,084 mark. Looking at the current market, it does seem like a rebound, but here’s the real question—will it break through $3,250 and even head straight for $3,580, or will it reverse and crash below $2,970, maybe even test the low at $2,620?

Let’s first check out what the big players on-chain are doing. There’s one whale address that’s pretty interesting: back in August last year, they sold off 1,900 ETH at the high of $4,574, pocketing $8.69 million; today, the same wallet scooped up 2,017 ETH at $3,061, spending $6.17 million.

Look at that move—textbook buy low, sell high. Offloaded at the peak, waited for the price to drop, then jumped back in at a lower level, clearly thinking there’s still profit to be made at these prices. But there’s another side to this: does the whale really believe Ethereum can go higher from here, or are they expecting a deeper dip and just building a position gradually? If retail traders only look at the surface, it’s easy to get played by moves like this.

Now, on the technical side. On the upside, $3,250 is a resistance level for the rebound, and $3,580 is an even tougher one—when prices get close to these, bears could strike back at any moment. On the downside, $2,970 is key support; if that doesn’t hold, watch $2,790, and if that breaks, $2,620 is the next strong support to test intraday.

The MACD indicator has formed a golden cross below the zero line, which means the downward pressure is easing and a rebound is brewing, but since it’s still underwater, the foundation isn’t solid. RSI has entered oversold territory, so be cautious of a short-term pullback—even though the indicator hints at a potential oversold bounce, it doesn’t guarantee a trend reversal.

Bottom line, the market is in a tug-of-war between bulls and bears at this level. If you’re thinking of entering, keep a close eye on those key price points. If you’re already in, don’t set your stop-losses too casually. The market never lacks opportunities—what it really lacks is patience and discipline.