By analyzing the latest movements of the Ethereum on-chain whales, the specific details are as follows:

> **Brief conclusion:** Currently, it appears to be a phase where **ETH whales are mainly engaging in low-position accumulation, and the market remains in a volatile and weak state**. If the key support levels are maintained in the short term, the whale accumulation logic is still valid; once broken, it indicates that selling pressure above and deleveraging pressure have not yet ended.

---Price Range Overview

- **Current price**: $2311.0
- **4-hour chart**: Bearish, the price is below the moving averages, MACD shows a bearish dominance, RSI is neutral to weak, and volume is decreasing, indicating insufficient follow-through on rebounds.
- **Daily chart**: Overall still consolidating, the moving average bullish arrangement has not been fully broken, but MACD remains bearish, showing that after mid-term recovery, some resistance has reappeared.

## 🟢 Support Levels

| Type | Price |
|---|---|
| Weak support | $2286.94 |
| Medium support | $2235.84 |
| Strong support | $2156.09 |

Resistance Levels

| Type | Price |
|---|---|
| Weak resistance | $2324.85 |
| Medium resistance | $2389.54 |
| Strong resistance | $2423.74 |

Technical Analysis
The 4-hour chart **indicates ETH is in a corrective downtrend, with the price pressing below MA5/MA10/MA20, showing short-term weakness.**
- The Bollinger Bands are close to the lower band, suggesting short-term volatility is leaning downward. If the price breaks below $2286.94, it may further test the $2235.84 zone.
- **The daily chart** still hovers near the moving averages, but the MACD death cross pressure has not been alleviated, implying that the bullish recovery is not yet solid.
- From the "whale movement" market reflection, if large funds favor low-position accumulation, they will typically prioritize holding around $2235.84; if this zone is lost, market sentiment may weaken.

## 📊 Short- and Mid-term Outlook

- **Short-term**: Bearish, with rebounds more like technical corrections.
- **Mid-term**: Consolidating with a slight bullish bias, but needs to break above $2324.85 to strengthen the bullish signal.
- **Key observation**: $2286.94 is the short-term dividing line, and $2324.85 is the first threshold for switching between bullish and bearish.

Trading Suggestions
Direction Judgment**: Wait and see
**Entry Range**: $2287 - $2325
**Stop Loss**: $2235
**Target Levels**:
- First target: $2325
- Second target: $2389
**Positioning**: Light positions
Risk Warning: Cryptocurrency markets are highly volatile. Whale behaviors and news can cause rapid reversals, and technical analysis may fail. Please consider your own risk tolerance carefully and make cautious decisions at your own risk.