Ethereum's performance over the past few hours has attracted market attention. From a technical perspective, the one-hour candlestick shows a clear bearish pattern, with the price breaking below the lower Bollinger Band support, and the MACD indicator also showing a death cross downward. These signals typically indicate increased short-term pressure.

On-chain data further reveals clues. Over the past two days, whale addresses have continuously transferred large amounts of assets to exchanges, with over 30,000 ETH entering the market yesterday alone. The rapid increase in exchange balances often reflects preemptive capital deployment. Meanwhile, the KDJ indicator remains in the oversold zone, still probing for a bottom, with relatively weak rebound momentum.

On the news front, the uncertainty surrounding the regulatory environment continues to ferment. The SEC's stance on spot ETF products for Ethereum has fluctuated multiple times, and market sentiment remains under pressure amid this uncertainty. Investors' cautious attitude is fully reflected in price volatility.

From a technical standpoint, the $3000 level is becoming a critical point. The expansion of the upper and lower Bollinger Bands suggests increasing market volatility. If this level is breached, there could be more room for technical retracement below.

The current market is in a relatively sensitive position, with short-term technicals, on-chain data, and macro factors all presenting considerable uncertainties. Investors should closely monitor the performance of these key price levels, as well as changes in exchange balances and on-chain transfer behaviors.