Today's market conditions really aren't suitable for going long.

In the early session, ETH rebounded to around 3190 and then started to stagnate, unable to go higher or lower. It looks pretty indecisive, but the momentum is clearly lacking. The Bollinger Bands are narrowing, with the middle and upper bands pressing down, and although the lower band is starting to turn up a bit, the overall setup is still weak. There was a tentative push towards the middle band this morning, but it was quickly knocked back down, indicating significant selling pressure above.

Momentum indicators aren't looking good either. The MACD has already weakened, and the volume on the downside is still increasing, so bears still hold the advantage in the short term. The key now is whether the rebound can break above the previous high—if it can't, control remains with the bears.

This is a classic weak rebound with obvious resistance, forming a choppy, bearish pattern. Until we see a breakout above key resistance levels with volume, it's reasonable to remain cautious and bearish—don't rush to catch the bottom or jump in on a rebound.

For trading, you could consider light short positions above 3190, and watch the 3095 level for support below.