Ethereum has recently shaken off its previous downturn and is now approaching a key supply pressure zone—between $3300 and $3400.

From a technical perspective, this is a very important watershed. If Ethereum can break through the $3400 level and establish itself, the market could accelerate towards a $3900 surge. However, if it faces resistance and pulls back here, the price may fall back to around $3000 to find support.

The performance within this red box range will basically determine the next phase of Ethereum's trend. Whether it continues to rise or re-adjust depends on whether this resistance level can be broken through.