Ethereum has recently been fluctuating between 3150 and 3200. Essentially, this phase is about digesting the previous gains, and the mid-term bullish pattern has not been broken yet, so there's no need to be too pessimistic.

From a technical perspective, the daily chart remains above the main moving averages, and the bullish momentum has not shown any significant deterioration. However, trading volume has indeed decreased, which is a normal consolidation after a rally. The current state is somewhat like building momentum, with the market waiting for confirmation of the direction.

Support and resistance levels are crucial. There are two defensive lines below: 3100 is a relatively strong support, and a break below would signal weakening; below that is 3000, which is a psychological level combined with structural support. On the upside, 3250 needs to be tested first, and if volume can stabilize above 3350, the short-term will enter an acceleration phase.

What’s next? If the price can hold above 3100, it’s likely to continue oscillating upward to test 3300+. If volume breaks through 3350, the short-term could enter a rapid ascent. Conversely, if it falls below 3100, it will enter a range-bound retracement, and at that point, chasing longs is not advisable.

In terms of trading strategy, buying low and selling high within the range is the main approach. Don’t rush to chase after a breakout; wait until the direction is confirmed before acting. If using leverage, be especially cautious about risk control, as oscillations can easily shake out traders.

In summary: Ethereum is not weak at the moment but is choosing its direction. If 3100 cannot hold, be cautious; breaking through 3350 would be a true bullish signal.