【Midday Viewpoint】Ethereum's current trend is still following the old pattern—after a rally, it consolidates repeatedly at high levels. Following the last volume-driven surge, it is now pulling back from the high, but don’t be fooled by the decline; the structure is actually intact. This kind of pullback is more about taking a break after a strong move, which is a normal technical correction. As long as the key support levels below hold, the overall trend remains bullish.

Looking at the BOLL data: the upper band is around 3186, the middle band at 3150, and the lower band at 3109. Currently, the middle band is steadily rising, and the price is oscillating around the upper and middle bands. Interestingly, the upper band is starting to flatten, indicating a short-term consolidation need. However, both the middle and lower bands are moving upward, which suggests that the bullish structure is still intact.

The two key criteria are: if the price retraces without breaking the middle band, it’s still a strong consolidation phase; if it falls below the middle band with increased volume, caution is needed as further decline may follow.

Regarding MACD: it is currently above the zero line, with the momentum bars shrinking but not yet turning green. This indicates a process of cooling off after a high-level pause. If during the pullback the volume gradually diminishes, there is still upward momentum ahead; conversely, if volume increases and MACD turns green while falling below zero, the market could shift into a weaker sideways phase.

**How to trade long positions? Just one idea—buy on dips.**
Enter between 3110 and 3080, with targets around 3180 to 3250, and place stop-loss below 3050.

**What about short positions? Defensive on rebounds.**
Consider entering on rebounds to 3225–3250, with targets around 3150 to 3100, and stop-loss above 3270.

In simple terms, Ethereum now is just consolidating at high levels after a rally, not a trend reversal. The core of the operation is: don’t chase the highs, don’t be driven by emotions, patiently wait for a dip to go long; when it rebounds to resistance levels, take small defensive short positions. As long as key supports hold, we should follow the bullish trend rhythm. The most important thing at this stage is risk control—strictly execute stop-losses without compromise.