Ethereum is testing key support levels near $3,871, raising the possibility of a bullish rebound. This comes as institutional investors, notably Bitmine, have been making significant purchases following the recent market downturn. The buying activity suggests that these institutions see this price range as a compelling opportunity to acquire Ethereum. Analyst Ali Martinez highlights the potential for an upward move in the near term, noting Ethereum’s trading within a descending channel pattern on the Binance 1-day chart, where consistent rejections at the upper resistance and rebounds from the lower support boundary suggest a possible breakout. Meanwhile, analyst Merlijn The Trader suggests that Ethereum’s current cycle resembles its historic bull run of 2016-2017, leading to significant price increases and market shifts. He believes if this trend persists, we could witness a strong upward phase in the coming years.