Good evening. Against the backdrop of a decline in the US stock market, Ethereum experienced a beautiful rebound in the early trading session — rising from 3200 and breaking through key resistance levels at 3285 and 3340 before reaching 3380 and then pulling back. This large bullish candle directly wiped out 60% of the liquidity of the short positions, and many short traders are probably busy dealing with their liquidated orders right now.

Subsequently, Ethereum oscillated repeatedly at high levels for over ten hours, with the four-hour chart showing signs of attempting to establish a bottom around 3300. The question at hand is: will this be a reversal to the upside, or is this the final sprint for the bulls?

Let's review the current bullish factors. First, last night’s CPI data was indeed an epic positive, supporting expectations of interest rate cuts, giving the bulls a reason to stand up. Second, Powell is currently under investigation, which may signal the end of this era. Third, based on Ethereum’s trend since October 11, the probability of a five-wave upward movement is increasing.

However, we cannot ignore the bearish factors — the judgment on the tariff case scheduled for January 14, with the exact timing yet to be announced by the authorities. This uncertainty could suppress short-term market momentum.

Regarding this round of correction, that level looks like a golden pit, which is more suitable for long positions. I will update the specific strategy details later.