ETH's recent trend is indeed worth a close look. Looking at the 1-hour chart, the price closed above 3208, remaining relatively stable above the middle Bollinger Band. But a closer look at MACD shows that DIF and DEA are still struggling below the zero line, indicating that short-term momentum is waning. This looks like a reversal, but in fact, it suggests that the market is accumulating strength.

From a technical perspective, a few details are quite interesting. The Bollinger Bands are narrowing, with the upper band at 3299 and the lower band at 3194, and the price is oscillating within this narrow range. This pattern is especially common before a major trend begins, representing a period of low volume consolidation. Although the MACD green bars are shrinking, the key point is that DIF has started to turn upward. As long as the 3220 level holds, a golden cross on the hourly chart is imminent. Looking at RSI and KDJ indicators, the oversold zones are almost exhausted, and the rebound momentum is brewing.

On-chain data also shows some interesting signals. Last night, several large addresses transferred three consecutive transactions into exchanges, each over 5000+ ETH. But a closer look at withdrawal data shows that more ETH is flowing out. What does this mean? Smart money is accumulating on dips. The number of active on-chain addresses increased by 12% week-over-week, but Gas fees remain at low levels. Putting it together: some retail investors are panicking and selling off, while big players are quietly accumulating. This script has been seen many times before.

There are also some catalysts on the news front. Next week, the SEC's deadline for supplementary materials for the ETH spot ETF is approaching, and institutions on Wall Street are likely stirring behind the scenes. Plus, the Ethereum Layer 2 network's technical ecosystem conference is coming up, making the overall situation driven by technical, narrative, and capital factors simultaneously. If ETH can break through the 3280 resistance level, there's a good chance it could push directly toward 3350.

From a trading perspective, in the short term, you can gradually build positions within the 3190 to 3200 range, with a stop-loss at 3170 and a target of 3260. For the medium term, if ETH can hold above 3250, consider adding to your position to aim for a weekly upward move, with a target above 3400. But remember, keep your position size below 20%. In a ranging market, using grid trading to capture volatility profits is a safer approach.