Since the 11th, when $ETH Ethereum reached the target level of 3256, it has been consolidating for nine days. Aside from the brief spikes on the 11th and 12th, the recent week has been consolidating below the target level, which is considered a relatively weak consolidation. On the 13th, it closed below the 5-day moving average, and by the 15th, it completed a downward movement on the daily chart. After that, until yesterday, it showed an upward movement on the daily chart, and now it has to continue consolidating, with the potential for the consolidation range to become smaller.

On the 4-hour chart, we can clearly see a support line with a very low slope below. The short-term pullback to this support level remains effective, and after that, a rebound towards last night's high point around 3220 should continue to short. Overall, the medium-term perspective still treats it as a consolidation.