Monitoring ETH 1-hour structure, there are several signals that must be clarified:

**Core Contradiction in Technical Aspects**

A sideways movement after a sharp decline is not a sign of stabilization but a sign of waning momentum. Although the MACD double lines are converging in the negative zone, the green histogram persists — indicating that the bears are still in control, but their strength is diminishing.

The key support level is at 3138. This area not only overlaps with previous dense accumulation zones but also, if broken with increased volume, will trigger algorithmic sell-offs, directly targeting the psychological level of 3000.

Look at the candlestick details: around 3200, there are consecutive doji stars, showing a clear standoff between bulls and bears — a typical signal before a trend reversal.

**On-Chain Data Confirmation**

Whale addresses have transferred 35% less ETH to exchanges in the past 6 hours, indicating that selling pressure is easing in the short term.

The activity in the options market is also noteworthy: there is a significant accumulation of call options at strike prices between 3200-3300, suggesting market makers are likely trying to defend the price. Although the perpetual funding rate has turned negative, it hasn't reached an extreme level, and from this perspective, the shakeout structure appears healthy.

**Where Are the Catalysts?**

If US stocks rebound tonight, especially tech stocks, the risk sentiment in the crypto market will also improve. Additionally, recent token movements in the Ethereum L2 ecosystem suggest capital may rotate back to the mainnet.

**Two Trading Strategies**

Aggressive approach: Lightly go long at the current price of 3207, with a stop-loss below 3135. Gradually reduce positions with a target range of 3260-3300.

Conservative approach: Wait until the hourly chart closes above 3230 (stabilizing above the BOLL middle band) before entering long positions on the right side, or if volume increases and breaks below 3138, switch to short positions.

The core logic is simple: the current price is in a buffer zone after the plunge. 3138 is not only a technical support level but also the cost basis for large on-chain holders. If this level holds, a rebound is likely to test the upside; if it breaks, the trend will turn bearish, and it’s time to exit.