Ethereum investors are confident that the cryptocurrency's rebound above $3,400 could be the start of a positive trend. On-chain analysis shows that Ethereum holders are refraining from selling, indicating their bullish sentiment. The increased coin holding time suggests that the short-term price action for Ethereum could continue to rise. Despite the optimism, the on-chain volume in profit has decreased, further supporting the bullish sentiment. Bulls have successfully defended the support at $3,328, and the Money Flow Index (MFI) reading has increased, indicating buying pressure. If the support is maintained, Ethereum's price could potentially reach $4,500. However, if bears bring the price below the support, it may decline to $3,081 or even $2,878 in a highly bullish scenario.



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