$ETH currently appears to be following a Wyckoff Accumulation pattern. According to this pattern, a local high of $2,900 was observed, which coincided with a significant capitulation below $2,100.
Currently, ETH is moving upwards again, with a short-term target of $2,800. If Ethereum can achieve a daily close above $2,800, it's possible to reach the $3,500 target within a few weeks.