As the US stock market collectively weakens, Ethereum instead moves against the trend. In the early trading session, it surged straight from around 3200, first breaking through two key resistance levels at 3285 and 3340, and finally reaching 3380 before pulling back. This fierce bullish candlestick instantly cleared more than 60% of the short positions, making it a nightmare start for the bears.

Subsequently, the market entered a high-level consolidation phase, trading sideways above 3300 for over 10 hours. The four-hour chart is now brewing the possibility of a bottom formation. However, the most critical question in the market has also emerged—Is the trend really reversing now, or is this just a temporary frenzy by the bulls? Many traders get stuck on this point when analyzing the movement. Every small fluctuation at high levels tests the psychological defenses of participants. How far this rebound can sustain and how long the underlying driving force can last are still too early to judge.