Ethereum (ETH) has recently shown a rebound momentum, worth following by investors. From a technical perspective, ETH is currently in a drop to zero rebound situation on the 12-hour chart, while the 15-minute timeframe displays characteristics of an upward market.

Currently, ETH has reached a relative high on the 15-minute chart, indicating a need for a pullback. However, if the pullback does not break the key support level, we may see further upward momentum. Investors should follow the potential trend on the 5-hour chart where a transition from underwater to above water might occur, which could signal a stronger upward movement.

In terms of price levels, the main resistance levels above are located at 3727, 3740, and 3796 USD. The support levels below are distributed in the ranges of 3638-3627, 3619-3610, 3575-3555, and 3537 USD. These key price levels will dominate the short-term trend of ETH.

It is worth noting that the daily chart shows that ETH is at a high level. If an effective breakout cannot be formed, investors should be wary of the potential rebound followed by a drop. The daily zero axis price is around $3187 to $3200, and this area may become an important reference point for the long-term trend.

Overall, the current trend of ETH shows characteristics of a short-term rebound, but it still needs to break through key resistance levels to confirm a stronger upward trend. Investors should closely follow the aforementioned support and resistance levels, and make informed trading decisions by combining technical indicators from multiple timeframes. At the same time, one must always be vigilant of the potential for severe market fluctuations and ensure proper risk management.