ETH's recent performance has indeed attracted a lot of attention. Over the past couple of days, Ethereum has just broken through a key resistance level, regaining stability above $3400, with an intraday increase of about 6%. Technical analysts believe this signals the start of Ethereum's seasonal rally.

From the data, ETH has maintained above the 21-day moving average since the beginning of the year. This sustained performance is no coincidence. The current technical structure indicates that if the upward momentum continues, $3800 will become the next reasonable target.

However, there are also points to watch behind this rally. Over the past two months, Ethereum has oscillated within the $2600 to $3300 range. Whether it can effectively break through the upper boundary will truly determine the subsequent trend. This is not just a psychological level but also a dividing line between bullish and bearish forces.

Interestingly, the market is comparing this to the ETH/BTC surge in 2018. But the times are different—participants and capital availability now far exceed those of that year, which could change the game rules. Some analysts are optimistic that ETH/USD could hit new highs in the coming months, even mentioning the psychological barrier of $4000.

The current question is whether this is a genuine breakout or just a rebound. The market is still observing.