Ethereum did not stabilize after breaking through 3400, encountering resistance at high levels and then falling back. It subsequently entered a phase of oscillating downward. From the four-hour chart, the bearish momentum is gradually dissipating, and the short-term structure is clearly weak. Currently, the price is consolidating near the lower band, and the rebound strength remains limited.

From a trading perspective, it is still advisable to maintain a high-level short position strategy. The key is to watch the 3200-3220 range. Once there is a rebound opportunity to this area, it would be an ideal entry point for a short position. Looking downward, targets can be set around 3150-3100.

Moving forward, continuous observation is needed to see if the price can effectively hold above the lower band support. If it cannot, the risk of further decline still exists.