Ethereum’s Quiet Bounce Faces A Bigger Test Above $3,550

Ethereum's recent price increase offers temporary relief, yet a genuine breakout remains unconfirmed. The current price action indicates a corrective phase rather than a sustained bullish trend. Ethereum is trading within a sideways corrective structure established since late November. Breaking above the corrective channel is crucial to signal growing upside momentum. Any potential gains might be a corrective movement within a larger pattern. A decisive reclaim of the $3,550 resistance is needed for a stronger bullish signal. The market favors consolidation or further decline until there's concrete confirmation. Ethereum is mirroring Bitcoin, stuck in a $2,700-$3,400 range. Support around $2,600-$2,700 sparked a short-term bounce, pushing towards higher levels. Holding the $2,600-$2,700 support is essential for continuing the bullish momentum.