The Ethereum (ETH) market is once again experiencing a wave of pump, with prices approaching the key position of $3530 in the short term. This price point is not only an important technical threshold but also a barometer of market sentiment.

From a technical analysis perspective, $3530 is an important resistance line formed since the high in 2021. If ETH can strongly break through this threshold, it will open an upward channel towards $4000 and above. However, if it fails to break through, it may lead to a price retreat to around $3300. Therefore, short-term investors need to stay vigilant.

At the same time, the macroeconomic environment has also brought positive signals to the cryptocurrency market. CME data shows that the probability of the Federal Reserve cutting interest rates in September has surged to 89%. This change in expectation may trigger global funds to reassess risk assets, and large investors may also quietly start to increase their holdings of core crypto assets like ETH.

On-chain data also shows positive signs. In the past 24 hours, several large wallet addresses have continuously increased their ETH holdings, with some whales' investment scale even exceeding tens of millions of dollars. This indicates that market participants' confidence in the bottom of ETH is strengthening.

For investors, although the long-term bullish trend still exists, it is not advisable to blindly chase highs. The gain or loss at $3530 will be crucial. If ETH can break through and stabilize above this level, it may be worth considering positioning in line with the trend. If resistance is encountered and a pullback occurs, the $3300-3380 range may provide a second buying opportunity.

It is worth noting that successful investments often favor those who can lay out plans in advance rather than mere onlookers. To grasp this wave of Ethereum's rise, investors need to closely monitor two key indicators: on-chain capital flow and the Federal Reserve's policy direction.