Last night, Ethereum surged again to 3400, but unfortunately couldn't hold steady and quickly retreated back to around 3300, oscillating repeatedly. Currently, the market is searching for direction. Let me be direct — 3280 is the critical line of life and death today. Holding this level means there’s still a chance for an upward move; if it breaks below, we’ll need to look for support levels below. Combining the latest news and charts, let’s see how the upcoming script might unfold.

On the news front, the latest remarks from a new Federal Reserve voting member are quite interesting. The President of the Philadelphia Fed said there’s no rush to cut interest rates now; rates will continue to be used to curb inflation. But what she’s really concerned about isn’t inflation itself, but the employment market — if employment collapses, the aftereffects will be much more stubborn than inflation. This statement sounds like a mix of dovish and hawkish tones. To translate it: rate cuts will come eventually, but not now; we need to wait for a signal from the employment situation. What does this mean for the crypto market? Liquidity will be released significantly later; in the short term, this is a neutral to slightly bearish signal. Funds won’t be so reckless, and it’s unlikely that Ethereum will suddenly accelerate sharply.

On the technical side, the 3280 level is indeed the dividing ridge between bulls and bears. The middle band of the Bollinger Bands is right at 3281, almost coinciding with this key level. Currently, the price is oscillating around the middle band, with resistance at 3440 and support at 3122. Looking at the MACD, the DIF and DEA are still above the zero line, but the MACD histogram has already turned negative — indicating that upward momentum is waning, and there’s a sense of a top forming. The RSI lines are all stuck between 50 and 60, with no overbought or oversold signals. This is a typical consolidation phase, and the market is waiting for a confirmation of direction.

Overall, the short-term suppression from the news side is unlikely to dissipate quickly. The expectation of rate cuts has been pushed back, and capital will operate more cautiously. For Ethereum to surge strongly, there’s basically no engine right now. If it falls below 3280, we should prepare to look downward.