Ethereum is currently in an overall sharp drop followed by low-level consolidation and a repair upward move. During the day, the price probed lower and made a new stage low, then saw a slight rebound; however, the whole-day trend remains weak. On the daily timeframe, all moving averages suppress the price across the board. The bearish trend in the indicators continues, and there are no clear signals of a bottoming rebound and reversal. After a series of declines on the four-hour cycle, the indicators have entered the oversold zone; in the short term, the market leans on the low level for a modest rebound, but the downtrend channel has not been broken. The rebound is only a technical correction, and the moving-average levels overhead exert clear pressure. On the hourly chart, price is consolidating in a narrow range with slight indicator golden-cross activity, but buying momentum is insufficient, so the upside space for the rebound is limited. Any push higher is likely to face renewed pressure and then fall back. Near-term support on the chart is concentrated around the prior low range, while the key resistance above lies at the level of the short-term moving averages. On the fundamental side, related ETF fund flows continue to be outflowing, and risk-averse sentiment dominates the market. Overall, the broader environment is heavy with a bearish tone, so short-term rebounds are unlikely to change the medium-term weakness.