ETH is currently hovering around the 3290 level. Although there was a slight increase in the past 24 hours, the overall trend remains weak — the price is below the key moving averages, and the short-term trend is clearly downward. More worryingly, each decline is accompanied by increased trading volume, indicating that selling pressure continues to accumulate.

There is some room for a rebound, but indicators are already approaching overbought territory, and a pullback could be triggered at any time.

From a technical perspective, the support level below is crucial. The first support is around 3260 — this is a must-defend position. If it breaks, there is a buffer at 3225, but if the downward momentum is fierce and breaks through 3225, then attention should be on the deeper support below 3190.

Looking upward, initial resistance is at 3315, with limited room for further gains. Even if it breaks through 3315, it will face resistance at 3345. Only a strong breakthrough above 3345 can target the strong resistance around 3370.

Overall, the current phase is a consolidation and adjustment stage, with the space limited — there is resistance above and support below, and the true breakout direction has yet to appear.