1. Market Overview Based on the latest daily and hourly K-line data, ETH's current closing price is 3214.22. The price has pulled back from recent highs over the past two days, showing a somewhat weak consolidation pattern. In the past 14 days, ETH fluctuated between a high of 3402.89 and a low of 3054.65, with recent price focus gradually shifting downward from above the 3300 level. In terms of trading volume, the most recent single-day volume was 69,973.1, significantly reduced from the previous peak of 338,851, indicating a decline in short-term trading activity. According to analyst opinions and news reports, the overall market sentiment is cautious, downward pressure is emerging, and funds are adopting a wait-and-see attitude.

2. Technical Analysis From the 14-day daily K-line data, ETH experienced a strong upward move (from around 3100 up to near 3400), but faced resistance at high levels, turning into a consolidation and downward correction, with support levels gradually shifting lower. The 14-day high was at 3402.89, and the low at 3054.65, with a fluctuation range of nearly 350 USD. In recent trading days, the price broke below 3300 and fell to 3214.22, showing clear weakness. Combining the 48-hour hourly chart analysis, high-volume activity appeared at high levels, with major downward pressure concentrated between 3284.04 and 3214.22 over the past 48 hours. Key support levels can be referenced at 3177.68 (recent low), with a secondary support around 3123.46. Resistance above is indicated in the 3284-3300 range, with major resistance at previous highs of 3368.82 and 3402.89. Volume analysis shows decreasing activity at high levels on the daily chart, indicating weakening bullish momentum. The hourly chart during the decline shows a volume-driven downward structure, suggesting panic selling. The overall trend is in a phase of correction, but there is a brief stabilization around 3200-3177.

3. News and Policy Interpretation According to news reports, Vitalik Buterin stated that 2026 will be a critical year for blockchain development. He believes blockchain faces significant challenges due to increasing complexity and expressed concerns about the gradual weakening of trustless and autonomous principles. Additionally, ETH staking currently accounts for 46.6% of circulating supply, with some signals of single-holder distortion, which to some extent reduces liquidity and weakens selling pressure but also increases systemic risk. Notably, recent reports indicate that the validator exit queue on Ethereum has dropped to zero, subtly forming market expectations of a turning point or clear direction. It is worth noting that no new policies have been introduced recently. The short-term market is driven mainly by internal ecosystem dynamics and active participant behavior, with a policy-neutral impact.

4. Analyst Opinions Summarized from Original Text: - “#eth Accumulating long positions around 3280-3250, take profit at 3340-3400, stop loss at 3220” - “#ETH Short position? Entry: 3380-3410, take profit: 3325-3270, stop loss: 3435...” - “ETH short near 3310-3340 with SL; 3370, with a minimum around 3300...” - “ETH direction: short, build position at 3325-3345, stop loss at 3365, take profit at 3305-3285-3265, flexible entry...” These views are generally bearish, favoring short positions at high levels or cautious stops at low levels, with clear short-term entry and exit strategies. Compared with the latest spot price of 3214.22, most high-level short setups have room to be realized, while the long strategy at 3280-3250 faces stop loss at current levels. The analyst’s take profit and stop loss zones align well with recent highs and lows, indicating the market is following technical trends. Some analysts also advise flexible operation and suggest adjusting positions dynamically.

5. Future Trend Prediction and Trading Suggestions Considering the recent correction and weakening volume at high levels, ETH is unlikely to quickly return to the main resistance zone of 3300-3400 in the short term. Key support levels are at 3210-3177; if this zone is broken downward, there is a risk of further decline toward 3100-3050. Conversely, if ETH can hold above 3210 with a slight rebound, targets are set at 3280-3300. For trading, it is recommended to follow the clear ranges provided by analysts: if retesting near 3177, monitor bullish defense and be cautious about trying long positions; if it breaks below, stop loss to avoid accelerating downward risk. Before downward pressure is fully released, the 3300-3400 resistance zone can serve as a defensive area for shorts, with strategies to take profits on short positions during rapid rallies. Under continued low volume, chasing the market upward should be cautious due to potential oscillations and pullbacks.

6. Risk Warning The current ETH volatility range has significantly expanded, especially during the sharp decline from 3284.03 to 3214.22, with increased short-term amplitude reflecting cautious market sentiment. Any breach of key supports (such as 3177.68, 3123.46) could trigger further downside risk. Additionally, trading volume has gradually decreased from high levels, indicating divergence between bulls and bears, and the trend may oscillate due to lack of dominant capital. In operations, avoid blindly chasing highs or holding large positions without strategy; set reasonable stop losses based on actual support and resistance levels. Stay alert to new market developments and feedback from key levels, and respond flexibly to extreme market conditions. Overall, ETH is currently in a phase of structural correction downward, with a short-term focus on defense and agile range trading.