Ethereum is stuck around $3,150. It surged and then fell back in the early hours, indicating that the sell orders above this price level are really heavy, and the rebound highs are gradually moving lower. It has now returned to near $3,090. If it cannot regain above $3,120 in the short term, the correction trend will continue to strengthen.

From a technical perspective, the situation has indeed turned somewhat weak. On the hourly chart, the pattern of "higher highs constantly moving down and lower lows testing" is very clear. The price has fallen back from the resistance level and is now testing the support at $3,085, while also showing a clear divergence between volume and price — increasing volume during declines, but decreasing volume during rebounds. Momentum indicators like MACD and KDJ are all operating in the weak zone, and so far, no effective bottom divergence signals have been observed.

Overall, Ethereum has entered a short-term correction phase. The key support levels to watch are $3,080-$3,070. If this support breaks, the price may accelerate downward to the previous $3,040-$3,020 platform. As for trading strategies, you might consider taking small short positions after a rebound to the $3,100-$3,120 zone encounters resistance, but stop-losses must be strictly set above $3,150.