Ethereum (ETH) has recently drawn market attention. From multiple time dimensions, ETH is currently at a delicate balance point.

In the short term, the 4-hour level shows signs of weak fluctuations. Continuous pullback candlesticks, along with the latest candlestick closing below the body of the previous bullish candlestick, suggest insufficient upward momentum in the short term. In terms of technical indicators, the MACD exhibits a bearish crossover and downward trend, with the histogram continuing to shrink, further confirming the weakening of momentum. The RSI has fallen from the overbought area to around 53, also confirming the decline in bullish strength.

The daily chart shows a more complex market pattern. The ETH price is consolidating around the $3000 mark, and the long upper shadow on July 14 highlights strong selling pressure above. Although the EMA moving averages still maintain a golden cross structure, the flat trend of EMA7 is worth noting, as it may indicate an impending trend reversal. The MACD indicator, while still above the zero line, shows the fast and slow lines gradually converging, reflecting the re-competition of forces between bulls and bears.

The analysis of trading volume also reveals a cautious sentiment in the market. On the daily chart, although there was an increase in volume on July 14, the price rose sharply only to fall back immediately, reflecting significant selling pressure. On the 4-hour chart, trading volume is gradually shrinking, indicating that market participants are on the sidelines, waiting for clearer directional guidance.

For traders, $2900 and $2850 may become key support levels, corresponding to previous lows and near the daily EMA30, respectively. Meanwhile, $3050 and $3100 above may constitute strong resistance.

Overall, the current market trend of Ethereum can be summarized as a weak consolidation. Investors need to closely follow the breakout of key price levels to seize potential trading opportunities. However, considering the uncertainty in the market, risk management remains crucial, and it is advisable to set reasonable stop-loss levels to control potential risks.