Market progress looks like this—after surging from an opening price of $2989 to $3150, it encountered resistance and is now fluctuating around $3110. Short-term bullish sentiment is still decent, but overbought signals have already appeared.

Key levels to watch closely. The hard resistance above is around $3140-$3150. If a true breakout occurs, there’s a chance to see $3200; but if momentum stalls here, the first support to watch is $3080-$3100, then lower at $3060-$3080, with the final line of defense at $3050. On the support side, $3050-$3060 is a critical zone; if broken, it could head straight toward $3000.

The technical picture is interesting. The daily MACD is easing from a death cross and shows signs of turning bullish; the 4-hour chart has been making consecutive bullish candles but with noticeably reduced volume; the 1-hour KDJ and RSI are both turning bearish, indicating a rising probability of a short-term correction. Looking at the 24-hour volume, it has not been steadily increasing, which essentially means insufficient momentum for upward movement, and selling pressure at high levels is also evident. The Bollinger Bands are opening up, and the price has already touched the upper band, suggesting a high likelihood of short-term consolidation and sideways movement.

On the fundamental and macro level, institutional funds are still flowing in gradually. The ETF’s influence is helping to boost market sentiment, and the Fed’s rate cut expectations are supporting risk assets. But risks remain: the SEC’s stance on Ethereum’s security classification is still uncertain; if US inflation exceeds expectations, rate cut expectations may cool down, leading to a probable market correction. Also, keep an eye on whether staking volume continues to surpass 30 million tokens, as this data relates to long-term selling pressure and price stability.

In terms of trading strategy, focus on short-term high sell and low buy. You can lightly short around $3140-$3150, with a stop-loss at $3170, targeting $3130-$3080; if it retraces to $3060-$3080, go long with a small position, stop-loss at $3050, and target $3100-$3130. Risk management must be strict—avoid chasing highs, set proper stop-losses, and closely monitor whether $3150 can be effectively broken through along with volume changes.