Looking at the current ETH market, the 3197 level is considered a pullback after a rebound. To be honest, the MA7 has already turned downward, indicating that the short-term bullish momentum is indeed weakening. But don’t rush to be bearish, because the MA25 is still above 3278, and the medium-term support has not been completely broken.

The volume aspect is quite interesting—during the pullback, the selling pressure is not heavy, suggesting that the bears are not that fierce. However, we should also pay attention to the buying strength during the rebound, as it feels somewhat uncertain.

From the support and resistance perspective, the first hurdle above is 3250 (which coincides with the previous platform + MA7), and further up is the recent rebound high at 3300. The first support below is 3150, and a deeper support is the 3100 round number.

In the short term, it’s most likely to oscillate between 3150 and 3250, as the market digests previous profit-taking. If it can hold above 3250 with increased volume, there’s a chance to push towards 3300. Conversely, if it breaks below 3150, caution is needed to see if 3100 can hold, as the risk remains.