Take a look at the daily trend of Ethereum. In the short term, it surged to the 3400 level but did not stabilize, followed by a pullback after a rally. However, it is important to note that the trading volume did not increase simultaneously, indicating a characteristic of a volume-contracted pullback. Since the MA5 moving average below is supporting, the short-term correction space is relatively limited. If a correction does occur, focus on the 3200 level. More importantly, after this round of accumulation and adjustment, ETH is likely to continue upward, targeting the next resistance level — the 3500 area where the MA120 moving average is located. From this perspective, the current adjustment seems more like a preparation for the next upward wave.