ETH recently showed obvious technical shifts, with the 1-hour chart pattern worthy of attention.

**Technical Pressure Release**

Price has dropped sharply from 3276, piercing through the key BOLL midline at 3236, currently under pressure around 3228. The combination signal of upper band resistance and midline breakdown indicates short-term bearish logic has unfolded. More critically, the MACD indicator is showing changes — the red histogram is noticeably shrinking, and the DIF line is beginning to dip toward the DEA line. This type of 1-hour level reversal typically signals directional changes.

The previously important support level at 3250 has been instantly broken through. The next weak support is focused on the 3212 line. If this level is breached again, the 3180-3200 range will become a deeper pressure test zone.

**On-chain Signals Cannot Be Ignored**

Interestingly, on-chain data is also sending synchronized signals. Over the past 30 minutes, ETH inflows to exchanges suddenly surged to 1,200 coins, breaking the previous 24-hour net outflow pattern. Such spikes typically reflect large holders using rebounds to unload positions.

Looking more closely at small transfer behavior — scattered sells of 10-100 coins have reached 42% of the ratio, indicating that not only large holders are taking action, but retail-level selling pressure is also amplifying. This multi-layer resonance selling pressure often generates substantial downward momentum.

**Sentiment Face Unexpected Variables**

The news front is also turbulent. Reports indicate a certain crypto institution disclosed details of reducing holdings by 15,000 ETH (although not yet fully officially confirmed, markets have already reacted preemptively), combined with remarks from Federal Reserve officials early morning about "rate cuts may be delayed," directly cooling sentiment.

**Practical Operation Perspective**

Comprehensively speaking, short-term bearish logic now has sufficient support. If considering participation, you can establish short positions around 3230 as a probe, with stop-loss set above 3300 (if broken, acknowledge the judgment was incorrect). Phase 1 target focuses on 3200; if effectively broken through, then watch for the possibility of 3180.