Looking at the recent Ethereum trend, it's quite interesting.

The current reference price for ETH is around 3167.01, which is the closing level of the latest few daily and hourly candles. Looking back 14 days on the K-line, you'll see that ETH started rebounding from the low point of 2903.90 at the beginning of the month, rallying all the way up to 3308.86 before starting to consolidate. Now it has fallen back to the 3160-3170 range, appearing to be in a consolidation phase.

The recent two days' movement also shows this—starting from the high of 3296.84 and gradually declining, with repeated tests between 3160 and 3220. The trading volume is quite telling: reaching 272,697 two days ago, but only 6,663.54 in the latest trading session, indicating a clear decrease in activity. This contraction in volume suggests that the bulls' eagerness to chase higher is cooling off.

However, from a fundamental perspective, Ethereum's technical ecosystem is still expanding, with continuous capital inflows. Additionally, the on-chain staking numbers are decreasing, which lays a foundation for future upward movement. Overall market sentiment remains inclined toward oscillation with a slight bullish bias, but the enthusiasm for chasing higher has noticeably diminished.

Technically, the lowest point in this cycle for ETH was 2894.26, and the highest was 3308.86. After rebounding from the low, the 3000 level has been tested and confirmed multiple times. The current pullback mainly finds support at the recent low of 3125.21 and the key integer level around 3100. If the price continues to fall below, these two levels are important references.