Looking at ETH's trend, from the previous range of 3300–3320, the nature of the cyclical top has been clearly confirmed. Multiple attempts to push higher have failed to establish a stable footing, indicating significant resistance above.

During the pullback, the 3120–3140 level held, serving as the first effective support. However, the current issue is that the price is trading below the moving averages, near the middle to lower band of the BOLL, and the rebound strength is indeed weak. On the 1-hour chart, the MACD is still oscillating below the zero line, indicating that the bearish momentum has eased but is far from over. The RSI repeatedly fluctuates between 30 and 45, which is typical of technical correction rather than a trend reversal.

In the short term, focus should be on the performance of the 3180–3200 resistance line. If the rebound fails to generate sufficient volume and cannot hold, the price will likely continue to decline. The key support levels are at 3140–3120; once broken, further testing of the deeper support at 3080 is necessary. Currently, the market is still in the correction phase after the decline, with moving average resistance quite evident, mainly representing technical relief rather than a directional reversal.