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Ethereum (ETH) is consolidating above the $3000 support level. The daily chart shows an upward trend, with the potential to return to the $3100 region. Analysts point out that a bullish inverse head and shoulders pattern is forming on the weekly chart. If the closing price breaks above $3400, it could indicate a significant rise to $4800. On-chain data shows that ETH's price growth lags behind network economic growth, indicating a structural undervaluation. Additionally, if the price breaks above $3100, a large number of short liquidations could further boost the upward momentum.