Ethereum is currently retesting its long-term macro uptrend line around the $3,900–$4,000 range, a historically significant level for recovery rallies. Analysts highlight a bullish pennant formation on the monthly chart, reminiscent of the 2017 market structure. Institutional interest, exemplified by Bitmine's recent $1.5 billion Ethereum purchase, bolsters bullish sentiment. A confirmed rebound from this support could propel Ethereum toward a new upward cycle, with potential targets exceeding $5,500.