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ETH is currently operating at the 3042 level. Previously, it surged to 3068 before pulling back, showing an overall pattern of volatility and stabilization after a spike and retreat. In the short term, it is mainly oscillating and recovering. Recently, on the 1-hour candlestick chart, a long upper shadow surge candlestick appeared first, followed by several small bullish and bearish candlesticks, forming a bottom-building churning pattern, reflecting the tug-of-war between bulls and bears in the 3040-3050 range. There is strong short-term support at 3023 below. After dropping to 3023, it quickly rebounded, confirming the validity of this support level. The failure to break through the 3068 resistance above indicates heavy selling pressure in the 3060-3070 range.

The KDJ indicator shows all three lines turning upward, with the J line breaking above 50, presenting a golden cross upward trend. The short-term rebound momentum is gradually strengthening, but since the candlestick is near the 50 threshold, attention should be paid to the strength of the breakout. The MACD histogram is positive, and DIF is about to cross above DEA, forming a golden cross, indicating that bearish momentum is continuously weakening and bulls are starting to take the initiative.

In the short term, the trend is mainly a strong rebound within a range. The middle band of the Bollinger Bands at 3037 and the 3023 level below are core supports, while the upper band at 3056 and the 3068 level above are key resistances. If it can hold above 3050 and break through the upper band, there is potential for further rebound. Otherwise, it will continue to oscillate within the range. In the short term, it is suggested to consider light long positions near the 3010-2970 area on pullbacks, with targets around 3065-3090.

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