Ladies and gentlemen, today’s rollercoaster performance of Ethereum must have been seen by everyone. The $3200 level was pushed to $3227 and then pulled back; both bulls and bears are already engaged in a fierce battle in this zone. Don’t be blinded by long-term narratives—intraday trading is like licking blood on the edge of a knife. The following analysis can help you see through the current battlefield situation.

**K-line Structure and Bull-Bear Battle**

Ethereum is currently fluctuating around $3164, with the key being how the hourly chart develops. This morning’s volume-increasing bullish candle reached a high of $3227, but the long upper shadow indicates strong resistance in the $3200 to $3230 area. This candle is a typical test that was quickly pulled back.

After the price retreated, a small descending flag pattern is forming on the four-hour chart. The meaning of this pattern is straightforward—if the price cannot break back above $3160 (the upper boundary of the flag) within the next 6 to 12 hours, it’s highly likely to break downward to test the support below.

**Resistance and Support Levels—The Lifeblood of Intraday Trading**

There are several resistance levels to overcome above. First is $3160, which is the upper boundary of the flag and also the starting point of the early morning correction. Whether the short-term bulls can turn around depends on conquering this level. Further up, $3200 must be broken through to have a chance to continue attacking the $3220 to $3250 zone. But honestly, $3220 to $3250 is a dense trading area from previous activity and also the area where the maximum pain points of options are concentrated. Breaking through in one go is extremely difficult, with the previous high acting as a strong resistance.

Looking down, $3100 is a psychological threshold and a key retracement level of the recent rally. These levels are your reference points for judging the shift between bulls and bears. Short-term trading is about fighting back and forth between these levels to find the rhythm.