Yesterday, the Ethereum market experienced a notable rebound. After receiving strong support at the $4060 support level, bulls began to exert their strength, driving the price significantly higher. By the end of the day, Ethereum recorded a significant increase of 6.4%, forming a strong bullish candlestick.

This trend stands in stark contrast to the previous day's decline, known in technical analysis as the "bullish engulfing pattern," suggesting that market sentiment may have turned positive.

From a longer-term perspective, Ethereum has dropped $734 from its recent high of $4,794, and it seems to have completed this round of correction. The actual performance of the market aligns closely with the previously expected correction target of $4,100-$4,000, demonstrating the accuracy of technical analysis.

Looking ahead, Ethereum is likely to challenge the resistance level of $4794 again. If it fails to break through this level, we may see the price consolidating in a high range of $734 between $4794 and $4060.

However, if the bulls can break through the previous high, the path to the historical high of $4877 will be opened. More optimistic expectations even consider that breaking the $5000 barrier is not impossible.

It is worth noting that the recent overall correction in the cryptocurrency market and expectations for the approval of the Ethereum ETF may affect the price movement of Ethereum. Investors should closely monitor these factors and adjust their strategies in a timely manner according to market changes.

Despite potential volatility in the short term, Ethereum, as the leading smart contract platform, still has promising long-term development prospects. With the continuous development of applications such as decentralized finance (DeFi) and non-fungible tokens (NFTs), Ethereum's ecosystem is expected to further expand, providing continuous support for its value.