Ethereum tested the support level in the 2720-2735 range three times last night.

From the daily chart perspective, Ethereum is currently in a second pullback test phase after a wave of upward movement. It is noteworthy that the current price has not yet broken below the valid highs and lows in the upward structure, while the 15-minute chart has already shown an oversold rebound pattern. If this range can receive effective support and stabilize, it is very likely to become the starting point for a new round of upward trend.

However, investors need to closely monitor the key price level of 2,610. If this level is broken, the market could enter a larger scale of consolidation adjustment and even face the risk of turning bearish on the daily level.