Ethereum is currently at a critical juncture. After breaking through $2900, the price has been oscillating around $2915, which is the most important battleground since falling from the all-time high of $4955. The sentiment on both the bulls and bears sides is complex: some are optimistic about the potential influx of capital due to improved regulatory environments, while others remember the frenzy of capital inflows during the peak. Yet, many are still debating whether there is genuine momentum for a follow-up rally in the near term. This tug-of-war is not just a numbers game; it fundamentally concerns whether the market will reclaim new highs or enter a prolonged consolidation phase.

**Key Position Layout**

The $2900 to $3050 range is a must-fight zone. Technically, it is a crucial dividing line, and psychologically, it serves as a confidence watershed for both bulls and bears.

If a smooth breakthrough occurs, the first key level to watch is $3190 to $3320. Once the price stabilizes here, an initial upward trend can be considered established, attracting momentum traders to enter. Moving higher, the $3400 to $3450 range is an even more critical mid-term target—multiple independent analysis frameworks point to this zone. Breaking through here would signify broad market recognition of the recovery narrative.

The real long-term upside potential lies above $3800. That’s the stage for challenging historical highs and regaining market focus.

Conversely, the line of defense is below $2775. This is a recent key support level. If it is broken, the short-term bullish story will need to be reassessed. At that point, the most rational approach is to step back and observe, waiting for new signals before making further moves.