ETH's recent upward trend has been a bit weak. After peaking at 3308, the price started to falter, and the 1-hour MACD has already turned negative and formed a death cross, which is not a good sign.

From the current price of 3240.50, although it is closely following the moving averages, the upward momentum is clearly lacking. The bears are beginning to stir, and the short-term correction pressure is quite significant.

From a technical perspective, many traders are shorting at this level—key resistance is at 3308. If it pulls back, the first short-term target is around 3180.71, with further declines possibly testing the 3132.58 level. Of course, stop-loss should be set above 3320; managing risk is the top priority.

Overall, the current environment is relatively friendly to the bears.