Looking at the market trend on Monday, Ethereum retraced to the 3080 level on the daily chart and found support at the EMA25 moving average, preventing further breakdown. Notably, the long lower shadow below indicates that institutions have accumulated a significant amount of sell orders at this price level. The previously mentioned "golden pit" bottom is essentially confirmed, and the rebound signal is quite clear.

Currently, the price of ETH has regained above the EMA7 moving average, which can be seen as a short-term support line. What does this imply? The short-term trend is turning positive. More importantly, the moving average system is gradually forming a bullish pattern, with the previously lost ground being reclaimed by the bulls step by step. The upward momentum in the near future remains quite sufficient.

Considering the recent gains of Bitcoin and Solana, the overall market sentiment has improved. It is recommended to consider going long around 3120 and 3080, with attention to resistance levels at 3200 and 3260. As long as the price stays above the moving average system in the short term, the bullish direction remains quite clear.