After observing for a long time, the structure of ETH's 1-hour chart finally became clear. The logic behind this wave of movement is quite straightforward when broken down:

**Key Technical Signals**

The most direct indicators are the candlestick and Bollinger Bands performance — after rebounding from the lower band (around 2908), the price directly broke above the upper Bollinger Band (2978.55), closing above 2982. This kind of breakout is a typical sign of strength. More importantly, the Bollinger Band middle line is beginning to slightly widen, clearly signaling increased volatility and room for upward movement.

The moving averages are also cooperating. EMA(7: 2965.43) crossed above MA(30: 2955.17), forming a golden cross. The price is steadily holding above the short-term moving average, indicating a bullish pattern. The 2960-2965 zone now acts as a strong dynamic support.

MACD remains a core focus. DIF(4.37) is steadily rising above the zero line, DEA(-1.95) is about to cross above zero, and the histogram(12.64) shows a clear red-to-green reversal with continued expansion. This is not only a recovery after divergence but also a confirmation that bullish momentum is accelerating.

**On-Chain Data Supplement**

Smart money addresses have shown net accumulation over the past 24 hours, and exchange withdrawal volumes have also increased significantly. The futures funding rate has returned to a neutral slightly positive level, with no signs of extreme euphoria, laying a foundation for a healthy upward trend. Perpetual contract open interest is also rising, indicating new funds are indeed entering the market.

**Macro and Fundamental Aspects**

Market expectations of liquidity shifting are still fermenting, and risk asset sentiment is warming up. Data on Layer 2 activity within the ETH ecosystem continues to hit new highs, and the fundamental support is not to be underestimated.

**Comprehensive Analysis**

This is not just a simple rebound. Multiple cycles are resonating, and the technical breakout is confirmed. The price has volume-broken through key resistance levels (previous high and upper Bollinger Band), and combined with MACD bullish momentum confirmation, this creates a high-probability right-side trading opportunity.

From a strategic perspective, focus in the short term on the 2960-2965 zone (EMA7 and previous support level). A pullback to this area without breaking below is a good entry point for adding positions. The first upside target is set at the 3020-3050 range (previous high and psychological level). Place stop-loss just below the key support.