Ethereum rebounds from the lows, has the great ETH/USD comeback begun?

The price of Ethereum continues to oscillate on the roller coaster of the cryptocurrency playground, alternating substantial losses with major recoveries.
This is precisely what happened in the last two stock market sessions, during which there was a significant collapse following the SEC's delay in approving the spot ETF on Ethereum, followed by a decisive recovery, justified by a 'unusual activity on the network, for many attributable to the action of some whale.
In essence, the Ethereum narrative has become particularly intriguing and difficult to interpret and, according to many experts, clues are starting to be collected on-chain that seem to lead to another altseason.
Why did the price of ETH/USD start rising now? If there is one certainty in the stock market, it is that nothing ever happens by chance, even if sometimes you just can't find a reason.
The SEC continues to delay its decision on the launch of the Hashdex and ARK 21Shares spot Ethereum ETFs, resulting in a drastic reduction in the likelihood that the commission will approve their debut.
The announcement came on March 19, and the price of ETH/USD immediately collapsed, by almost 8%, and then reacted positively, recovering almost 6%.
A movement that is difficult to justify, if not considering the fact that, together with this bad news, BlackRock appears to have filed the BlackRock USD Institutional Digital Liquidity Fund with the SEC.
Shortly thereafter, approximately $100 million in USDC was transferred to the Ethereum network, creating a certain atmosphere of mystery among various analysts.
ETH/USD graphic analysis The price of Ethereum rebounded just before reaching the $3,000 threshold, surprising the public of cryptocurrency traders.
In the futures market, the $3,000 mark was full of volume and appeared to be a price magnet.
However, the market managed to react before reaching that level, specifically at the $3044 level.
Demand reacted promptly and the volumes, as the threshold approached, rapidly moved towards higher price levels, to the point of forming a real wall in demand, at an apparently insignificant level from a graphic point of view.
The cryptocurrency is recording, in the March 20 session, a performance close to 6%, while Bitcoin only 2.49%; this highlights a particular relative strength on the part of Ethereum, a phenomenon confirmed by the recent increase in Ethereum's dominance to the detriment of that of Bitcoin.
This also happened close to other past halvings, and the constant repetition of this capital transfer process is what historically laid the foundations for an altseason, or a historical moment in which altcoins outperform the performance of the father of cryptocurrencies , Bitcoin.