As of 2:30 PM on January 8th (Beijing time), Ethereum is currently quoted around $3,136, with a 24-hour decline approaching 4%. From the market perspective, this is a typical weak oscillation trend—repeated rebounds are blocked, and there is a lack of upward momentum.

Let's first look at key price levels. Resistance above is concentrated in the 3180-3200 range, which is the dividing line for the day; whether it can be broken determines the short-term direction. Further up are 3220-3250, and the psychological threshold at 3300. Looking down, 3100-3130 is short-term support, followed by 3070-3050, with the final defensive line at 3000.

From a technical indicator perspective, the bullish structure on the daily chart is still intact, but it has already broken below the short-term moving averages. RSI is pulling back, and the MACD red histogram is also shrinking, indicating increased downside demand. The 4-hour chart is more obvious—breaking below the middle band of the Bollinger Bands, with moving average support being tested.

Overall, the short term remains in a weak adjustment. Whether it can hold the 3100 line is the key in the next phase.