Ethereum has rebounded strongly after a recent 10% correction, reclaiming two major support levels and stabilizing above key price points. This recovery is seen as a bullish reversal, with analysts now eyeing a $5,000 target due to strong buying interest and positive momentum. The recent price action suggests that bullish sentiment prevails, effectively nullifying previous bearish pressures. On-chain data further supports this outlook, showing increased activity within the Ethereum ecosystem, which bolsters the technical analysis pointing towards continued upward movement.