**ETH Technical Analysis**

The staged top formed around 3403 has been confirmed, and the subsequent rally to the high has been fully distributed. Currently, the price has fallen to around 3281, effectively breaking below the previous consolidation midline. This is not just a simple correction but a clear sign of weakening trend—short-term oscillations are clearly dominated by bears.

**How to interpret the pattern**

Repeated attempts to push above 3400 in the top area have failed, with dense long upper shadows forming, which is a typical distribution pattern. The decline phase shows a rhythmic pattern: stable slope, successive limitations on rebound heights, and persistent bearish pressure.

The most painful part now is that the rebound highs are gradually declining—from 3340 to 3320 to 3305—forming a typical weak rebound structure. Each rebound is weak, with highs continuously moving lower, indicating that the bears are still firmly controlling the rhythm.

**Support levels layout**

In the short term, 3270–3255 is the core defense line. This is the low point area of the last two dips. Holding this level would mean entering a low-range consolidation phase; breaking below would open the space for continued bearishness.

Further down, 3220–3200 is a structural support level, where the previous breakout rally originated, serving as a mid-term bull-bear dividing line. Falling below this would accelerate the short-term bearish trend.

**Where is the resistance?**

3310–3330 is the first rebound resistance zone and also a dense trading area above the current price, where multiple rebounds have failed. Whether the price can stabilize here determines if the rebound has substantive significance.

3360–3385 is the true structural resistance, located at the upper edge of the downtrend channel, and near the previous distribution zone. Only by stabilizing above this level can the short-term structure potentially turn stronger again.

**Risk management plan**

Pay close attention to two key trigger points: First, if the price breaks below 3250 and closes below without returning, the structure will shift to a continuation of the downtrend, with the downside space opening up sequentially: 3220→3200→3150. Second, if a volume breakout occurs and the price stabilizes above 3360, the bearish structure will be broken, and the market may retest above 3400.

**Current advice**

After a rally and pullback, the market is entering a consolidation phase. This stage is not suitable for chasing the top. For futures, control your positions; rebounds have a higher priority for short positions than for longs. Instead of guessing the direction, wait for the structure to clearly develop before taking action.