Ethereum's recent market trend shows a typical pattern of repeatedly testing key levels. Starting from the early trading session around 3265, the bulls repeatedly fought over the support level near 3200, with the entire white session oscillating within this range. In the evening, there was a sudden surge to around 3308, but then it immediately reversed and dropped to the 3185 support, followed by a deep V-shaped rebound. This morning, the market rebounded again to around 3300 but failed to make a new high, currently hovering around 3245.

From a technical perspective, where is the problem? The market has repeatedly attempted to approach 3300 but was clearly suppressed and unable to stabilize. The MACD indicator shows that bullish momentum has significantly diminished, and other auxiliary indicators are also turning downward. More notably, after six consecutive days of gains, trading volume has actually declined, and the rebound strength is gradually weakening, which is a warning sign. If the market cannot successfully break through this resistance zone in the future, a double-top pattern on the daily chart could form—this warrants close attention. From the weekly perspective, the rebound momentum still exists, but whether it can successfully break through 3300 and whether it can hold support at 3200-3185 during a pullback are critical factors in determining the subsequent direction.

Zooming out to the 4-hour cycle, the rebound encountered resistance at the Fibonacci 0.786 level, then quickly retraced to near 3185 at the 0.618 level. Early attempts to test 0.786 again were met with resistance. The MACD bullish momentum is shrinking, and other indicators are clearly turning downward. In the short term, there is a higher probability of a downward test of the support around the middle band at 3200. The current strategy suggests mainly bearish outlook, but specific operations should be adjusted flexibly based on real-time trends.