Ethereum is currently operating near a key resistance level on the market data. After a rebound near 3480 in the early morning, it has retraced all the way back. The technical analysis shows that short-term momentum is strengthening and a bullish resonance signal has formed, but the trading volume is low and trend indicators are still in a short positions arrangement. The overall market trend is not yet clear. Whether or not the resistance level can be broken will be key in determining the subsequent direction, and it remains under pressure in the medium term. Therefore, the main strategy is to focus on shorting at highs.