Is this wave of pullback at $ETH a short-term adjustment, or the starting point of a new round of upward movement?

From the current trend, I tend to believe this is a healthy short-term adjustment rather than a reversal.

3500 support is clear, the structure hasn't broken

Ethereum has rebounded from 3490 to 3735, with two consecutive days of long lower shadow bullish candles, indicating that 3500 as a key support has been validated by the market.

Indeed, there is selling pressure above 3700, especially with a long upper shadow at 3735 + a volume contraction pullback, but the overall structure remains stable, and the trend has not been damaged.

The pullback has a volume contraction, confirming it is not an active sell-off.

The breakthrough at 3500 was accompanied by the largest single-day trading volume of the year, indicating that this round is not a 'lightweight rebound'.

The current pullback belongs to volume-contracted retracement + normal adjustment, not a retreat by the bulls.

Now, we wait calmly for the pullback to 3580 to begin positioning long positions.

The rhythm is clear, the thinking is clean, and the remaining issue is execution.