Since the weekend, Ethereum has been under pressure around the 3100 level. It wasn't until this morning when a volume breakout occurred that a true directional signal for the week was given. Notably, there are signs of buying support at the lowest prices, with the defense being quite solid.

For traders looking to position for long-term trades, the key is whether this wave of market movement can truly reach the target of 3308. Observing whether the highs are gradually rising or starting to fall back will directly determine the subsequent rhythm. At the same time, 3220 is also within consideration — it can serve as an entry point for short-term shorts, with a small stop loss to catch quick gains of 60-80 points.

Looking back half a month, Ethereum was repeatedly trading around 2100. And now? Whether it's positive news or institutional support pushing the price up, ETH has been driven above 3000, making a downtrend seem unlikely. Most technical analyses believe that this decline has already bottomed out, and stabilizing indicates the end of the decline. The market sentiment has become somewhat overly optimistic.

However, the four-hour Bollinger Bands are actually hinting at further downside potential. Once the price retraces to the middle band, the chips around 3100 will again become a target for bottom-fishing. According to the common contrarian thinking in the crypto space — the best short opportunities are often hidden at the highs. Increasing short positions on rallies is also a strategy worth considering.