Recent price action for Ethereum has seen the asset break above the $2,800 mark, signaling a potentially strong rebound. On-chain analytics from CryptoQuant point to historical support levels, suggesting a resurgence is possible. The support level coincides with past bottoms and suggests that this area could act as a springboard for ETH’s price to climb higher. Despite recent market volatility caused by macroeconomic pressures, Ethereum’s mid-to-large holders remain active, absorbing selling pressure and showing resilience. Their presence provides a strong foundation for an eventual upward trend, according to CryptoQuant’s data. The potential rebound could see prices surge towards the $3,500 mark in the near term, fueled by anticipated ETF inflows and innovations in layer-2 scaling solutions. This bullish scenario is supported by on-chain metrics from CryptoQuant, highlighting the key support level of $2,800. These insights underscore a pattern of price action that aligns with past market cycles, suggesting a potential for a sustained rise in Ethereum’s price.