Last night, Bitcoin firmly stabilized above 91,500, and Ethereum finally reversed its downward trend. It has been oscillating around 3,110 and is now at 3,152.5, which means the short-term resistance level at 3,135 has been broken.

To be honest, ETH's recent gains don't seem to match BTC's, but from a technical perspective, it is gradually recovering. The previous price range from 3,130 to 3,140 has just completed a transformation — from resistance to support. This is a good sign.

Currently, everyone is watching the area between 3,180 and 3,200, which is the top of the range since the decline began on January 7. If the US stock market can give a boost tonight and ETH can break through 3,180, it will essentially mark the end of this correction, and the next phase will be a rally to catch up.

In terms of support levels, the recent one is around 3,130 to 3,135. The afternoon resistance has now become support. As long as the US stock session doesn't effectively break through this level, the short-term trend remains upward. Going lower, 3,100 is a psychological line, and bulls have been anchoring around this level in recent days. If it really drops to 3,080, that would be the stop-loss line for bulls and also the lowest point of the week. Breaking below it would mean the rebound is essentially over.