Ethereum's recent performance does appear to have the potential for a wick down. On the chart, the battle between bulls and bears isn't particularly intense, and retail participation is moderate, which is directly reflected in the significantly weakened liquidity and trading volume. Under these circumstances, the price is likely to test the support level below before there's room for a rebound.

From a trading perspective, you could consider attempting to go long in the 3070 to 3050 range. This level should provide some support effect. If the price can stabilize here, it could potentially see a rally. Of course, in an environment of weak liquidity, caution is still warranted, and you need to set your stop loss properly.