The Ethereum market has recently attracted attention, with the coin price gaining strong support around $3,540, showing a clear rebound momentum. Analysis indicates that ETH may be brewing a new pump, likely to challenge the key resistance level of $3,740.

Market data indicates that Ethereum has successfully broken through the important price levels of $3,540 and $3,580, and has solidified its position above $3,620. On the technical side, ETH/USD has broken a bearish trend line on the hourly chart, which undoubtedly brings more confidence to the bulls.

It is worth noting that during the recent wave of pump, the ETH price once reached a high of $3,733, followed by a slight pullback. Nevertheless, market sentiment remains optimistic as the price still maintains a level above $3,600.

From the Fibonacci retracement analysis, the current price has already filled the 50% position of the rise from the low point of $3,350 to the high point of $3,733. This price behavior is usually considered a healthy market correction, laying the foundation for a possible subsequent pump.

However, investors still need to remain cautious, as selling pressure around $3,750 still exists. If ETH can break through this resistance, it may trigger a new round of pump. Conversely, if the price fails to hold the support level of $3,540, it could lead to a short-term Rebound.

Overall, Ethereum's current market performance shows positive signals, but investors should closely follow the breakthroughs of key price levels and the trends of the overall cryptocurrency market to make informed investment decisions.