ETH's recent price action deserves a close look. Looking at the 1-hour chart, the price closed at 3208, holding a stable position above the BOLL middle band. However, examining the MACD more carefully, DIF and DEA are still struggling below the zero line, with short-term momentum showing some decline. This looks like a reversal, but it actually indicates the market is accumulating strength.

From a technical perspective, there are several interesting details right now. The BOLL bands are narrowing, with the upper band at 3299 and the lower band at 3194, with price oscillating repeatedly within this tight range. This consolidation pattern is particularly common before major moves—that characteristic low-volume consolidation rhythm. Although the MACD green columns are shrinking, the key is that DIF has already started turning upward. As long as we hold above 3220, a golden cross on the hourly level is about to appear. Looking at RSI and KDJ, the oversold area has become quite dull, with rebound momentum building up.

On-chain data also shows interesting signals. Last night, several large addresses made consecutive transfers to exchanges—3 transactions in a row, each with 5000+ ETH volumes. But looking more carefully at withdrawal data, outflows are actually higher. What does this mean? Smart money is accumulating on dips. On-chain active addresses grew 12% sequentially, but Gas fees have actually remained at low levels. Putting it together: some retail traders are panic selling, while large holders are quietly taking the bids. We've seen this script play out too many times before.

On the news front, there are also some near-term catalysts. Next week, the SEC's supplementary materials deadline for Ethereum spot ETF is approaching, and Wall Street institutions should be making moves quietly. Combined with Ethereum's L2 network technical ecosystem conference coming up, we have technical, narrative, and capital factors all working together. Once we break through the 3280 resistance level, there's a decent chance of directly rushing to 3350.

From an operational perspective, you can build positions in batches in the 3190-3200 range in the short term, with stops at 3170 and targets at 3260. Medium-term, if we hold 3250, consider adding to positions to chase weekly-level gains with targets above 3400. However, remember not to exceed 20% position size. In ranging markets, using grid trading to capture volatility profits is a more stable approach.