Ethereum has been fluctuating around 3100 recently, showing a typical high-level consolidation pattern. The candlestick chart is filled with upper and lower shadows, clearly reflecting strong pressure and support on both sides—this usually indicates that market participants have significant disagreement on the future direction.

From a technical indicator perspective, the signals are not particularly clear, but there are some noteworthy details. In the 4-hour cycle, the MACD's DIF is gradually rising, although it has not yet fully crossed above the DEA, but the histogram has turned positive from negative, indicating that the bearish momentum is waning and the bulls are attempting to mount a comeback. The RSI is currently at 43.99, in a neutral to slightly weak zone, neither overbought nor oversold, suggesting a higher probability of continued consolidation in the short term. The price is close to the EMA7 (3117.47) but still below the EMA30 (3120.08) and EMA120 (3085.68), indicating that the short-term trend remains somewhat weak, but the medium- to long-term support levels are still decent.

Volume data reveals that market participation is cooling down—daily trading volume has significantly decreased compared to recent highs. The 4-hour volume fluctuations are quite volatile, with clear signs of increasing divergence between bulls and bears. Overall, market sentiment remains cautious and conservative.