Ethereum pulled back from 3447 after reaching a peak, with a decline of over 16% at one point. Compared to historical trends, this correction was within expectations.

The key support levels are around 3200-2876. The current question is: what will happen in the next two days?

I see two possibilities.

**Blue line scenario**: This round of decline is just the first wave of a correction. In the short term, there will be a rebound near the support level for a few days, then a retest of the lows next week to conclude, followed by an upward trend. During this process, there will be multiple tests, but it won't drop all at once.

**Red line scenario**: It's not that complicated. 2876 may not be the final bottom; the correction from 3447 will complete in one wave, lacking strong rebounds in between, and a quick break below will mark the true end of the correction. Then, a rally will follow.

Both scenarios share a common point: after the correction ends, there will be a clear opportunity for an upward move. The difference lies in the process—whether it rebounds first and then drops again, or drops straight through.

I lean towards the red line judgment. But this depends on a premise: if there is a dip today or tomorrow, the closing price of the K-line must not break the previous low. As long as this bottom line holds, the probability of a rebound will be high.

This correction is essentially a dual release of time and space. Once it passes, the market will naturally have a new story.