ETH/USD: Eyeing a Major Reversal or Breakout?

Ethereum's price action currently consolidates near a critical support zone at $3,111, aligning closely with the 0.786 Fibonacci retracement level from its recent rally. Bulls are eyeing a potential breakout towards the $3,500-$4,000 region, while a breakdown below $3,072 could signal a retest of $2,950. Will this mark a major correction or the start of a new bullish leg? Stay tuned for further moves as the market builds momentum!