Currently, ETH's upward momentum is significantly insufficient, with prices fluctuating around 3380 USD. From a technical perspective, the resistance level is concentrated in the range of 3430–3460, which is also the area of previous high-volume trading and short-term moving average pressure points. If we cannot effectively break through this range tonight, accompanied by a continuous shrinkage in trading volume, a short-term pullback may occur.

Support levels to watch below are 3300, 3260, 3230, and the key support level at 3200 USD. If the price finds support at 3200 and stabilizes, it will form a good foundation for a medium-term rebound. At that time, if macroeconomic conditions and on-chain capital align, ETH is expected to re-test the 3660–3730 USD range.

On the fundamental side, the current market is still in a high-interest-rate environment, with cautious expectations for Federal Reserve policies and limited overall capital inflow; on the other hand, activity in the Ethereum ecosystem is recovering, but has not formed a strong capital drive. In the short term, ETH's performance depends more on market risk appetite and changes in mainstream capital sentiment.

Comprehensive judgment:

If we cannot break through 3460 tonight, the short-term outlook is weak, so pay attention to the support performance around 3300–3230; if it stabilizes at a high level or breaks through 3460 with volume, the upside potential will reopen, targeting 3660–3730.