Ethereum has formed a bullish engulfing pattern on the daily chart, but there is retracement pressure on the hourly chart.

Right now, the 3140 level is quite delicate—there’s a small hurdle at 3208-3220 above. If it can hold above 3165, things look promising. A breakout above 3230 targets 3250 or even 3280, at which point you can consider going short, with a stop at 3285.

The setup below requires more precision: 3065-3040 is a golden zone to go long, with a stop at 3015. The initial target is the rebound space at 3145-3165.

If it really breaks below 3030? Don’t hesitate—follow the trend and short down to 2985-2975, then look to buy the dip. 2960 is the final support line. For now, just wait for the market to choose a direction.