Ethereum's recent trend needs to be analyzed from multiple timeframes.

In the short term, the 1-hour MACD has issued a golden cross signal, and the price has also stabilized above the 7/25-hour moving averages. The $3060 level is critical; once broken, it could be a bullish opportunity. If the price encounters resistance around $3000-3050, it might instead become a point for short positions.

In the medium term, the situation is a bit more complex. On the 4-hour and daily charts, the price remains under pressure from medium- and long-term moving averages, and $3138 is the key threshold for trend reversal. If one can gradually enter in the $2800-2900 range, then when the Fed's rate cut expectations are released or geopolitical risks ease, a rebound could offer considerable gains.

From a long-term perspective, the weekly and monthly momentum are clearly insufficient, and downside risks should be guarded against. However, looking at the bigger picture, support comes from the Fed's liquidity support, SEC's policy stance on Ethereum, the effectiveness of the Dencun upgrade, and institutional investors' ETF buying. These are all fundamental supports. Staying invested below $3000 remains worthwhile, with a target range anchored at $4500-5000.

Of course, the Middle East situation could trigger inflationary fluctuations, which is a variable to watch. Overall, short-term opportunities lie in breakthroughs, medium-term in rebounds, and long-term in holding value.