Based on the current 1-hour candlestick chart, ETH's short-term trend is biased bearish, but there is a tug-of-war near the key support levels. Specifically:

📉 Core Technical Viewpoints

1. Bearish Dominance Pattern: The price has broken below all major moving averages (MA5-MA120) and is operating within the lower band of the Bollinger Bands. The MACD is below the zero line, and RSI (50.05) has just entered the weak zone, indicating that bears are in control.
2. Key Support Test: The price is testing the critical support zone around 3,100-3,110 USDT. This area is also a previous high-volume trading zone and near multiple moving averages, serving as an important short-term bull-bear dividing line.
3. Volume Divergence: During the decline, the volume (Vol) histogram shows that the latest bearish candle's volume (46,400) is significantly lower than the recent average (MA(:38,400), suggesting that the downward selling momentum is weakening, and a potential stabilization or rebound should be watched carefully.

📍 Key Levels and Market Outlook

· Support below:
· Primary focus on the 3,100 USDT integer level.
· If broken, the next target could be 3,063 USDT (24-hour low).
· Resistance above:
· The first rebound resistance is at 3,122 USDT (recent minor resistance) and the dense area of moving averages at 3,130-3,140 USDT.
· Strong resistance at 3,165 USDT (24-hour high).
· Two main possible developments:
1. Weak rebound followed by further decline: If the price cannot hold above 3,122 USDT and oscillates below this level, it is likely to test the lower support again.
2. Stabilization and consolidation at support: If the price can sustain support in the 3,100-3,110 USDT range with increasing volume, it may transition into an hourly consolidation phase forming a bottom.

Summary: The current technical structure is bearish, but the downward momentum is weakening, and the price is at a critical support decision point. Strategically, focus on the breakout direction of the 3,100-3,122 USDT zone. Avoid aggressive actions until the trend direction becomes clear. )