1. Market Overview Based on the provided ETH daily K-line data for the past 14 days and 48-hour hourly K-line data, the current Ethereum's latest closing price is 3231.18. Recently, prices have continued a stabilization and recovery trend from lows, gradually rising from a recent two-week low of 2903.90. The phase fluctuation range is between a low of 2888.7 and a high of 3265.66, with a volatility of approximately 13%. In the past two days, prices have surged significantly with increased volume, especially in the last two trading days, with daily trading volumes reaching 247492 and 124205, respectively, well above mid-month lows, indicating active trading between bulls and bears and a market entering a critical technical adjustment window. Regarding market sentiment, combined with the latest news and analyst opinions, the overall market remains mainly in correction and consolidation, but with clear bullish and bearish divergences. The mainstream sentiment leans towards cautious optimism.

2. Technical Analysis
1. Support and Resistance
Using 14-day daily K-line and 48-hour hourly K-line data, the strongest support levels are around 3127.11 and 3144.71, which are key points for recent bullish and bearish shifts, with high trading volume concentrated in this area. Stronger support below is in the 2903.90—2947.48 range, serving as the starting point for multiple previous rebounds from lows. The primary resistance is at 3265.66; recent hourly K-lines have tested this level twice with pullbacks, exerting short-term pressure on the bulls. A further breakthrough could push towards previous highs and expand upward space.

2. Trend and Structure
From daily K-line observations, the price shows a clear rebound above 2900, indicating an initial end to the downtrend. Hourly K-line analysis reveals that in the short term, prices fluctuate within a narrow range of 3150—3240, with high trading volume during upward attempts. Recently, multiple touches at the 3241—3249 high zone failed, indicating persistent resistance at the upper levels.

3. Volume Analysis
In the past two days, volume has increased significantly, with daily volumes of 247492 and 124205, both notably higher than previous averages. High trading volumes on hourly K-lines are concentrated at resistance and support levels, indicating active defense by bulls and absorption of selling pressure by bears.

3. News and Policy Interpretation
Recent news focuses on Ethereum's technological advancements and ecosystem growth: the launch of PeerDAS mainnet, zkEVM development, significant improvements in security and scalability, and record-high stablecoin trading volumes and issuance, reflecting strong on-chain application growth. Comparing news release times with K-line movements, major technical updates often trigger upward price movements, indicating that policy and ecosystem developments provide short-term support. Additionally, institutions like Bitmine continue large ETH accumulations, and whale addresses staking also boost market confidence in ETH's long-term value. No significant new policies have been introduced recently, suggesting short-term volatility mainly depends on internal market news and capital flows.

4. Analyst Opinions
Analyst views show increasing divergence, but mainstream sentiment remains cautious and flexible. Excerpts include:
- “--------Quote: ETH direction: build positions around 3150-3120 with stop-loss at 3090, take profit at 3180-3210-3240. Enter flexibly, no need to time the exact point. If stop-loss levels need adjustment, I will notify. Approaching the second take-profit level, lock in profits and move stop-loss timely!” (Dachui Contract Trading)
This view clearly defines short-term trading ranges, closely matching the current hourly K-line oscillations between 3150 and 3240. The analyst recommends locking in partial profits after reaching 3240 to avoid losses from pullbacks. Another opinion states: “ETH longs were disrupted by targeted attacks just a bit,” indicating bulls attempted to push higher but were met with short-term selling pressure, consistent with repeated resistance around 3241—3249 in recent K-lines.

5. Future Trend Outlook and Trading Suggestions
Based on K-line data, support and resistance levels, and market information, ETH is likely to remain in a high-level narrow range in the near term. The short-term direction depends on whether the 3265.66 strong resistance can be effectively broken. A close above this level could lead to an attack on previous highs; failure to break may result in a pullback to the 3150 area. As analysts suggest, if the price falls below 3150-3120, decisive stop-loss is necessary to avoid risks. Trading suggestions:
- Current price: 3231.18. With resistance at 3240—3265, aggressive traders may watch for breakout opportunities but should closely manage take-profit and stop-loss.
- Conservative traders can wait for a pullback to 3150—3170, consider low-buying with volume confirmation, and set strict stop-losses at 3120—3090 to prevent sudden declines. If the price remains high without breaking out, consider locking in profits at the top.

6. Risk Warning
ETH has experienced strong recent volatility, with a low of 2888.70 and a high of 3265.66 in the past two weeks, with daily swings exceeding 3%, indicating abnormal short-term activity. Historical volume patterns show active capital turnover, and if major players reduce holdings or news triggers sudden moves, downside risks increase. Divergence between bulls and bears intensifies, and investors should be cautious of sharp pullbacks and trend reversals. Strict adherence to stop-loss and take-profit rules is essential to avoid losses from high volatility and shakeouts. In summary, ETH is currently in a critical technical and emotional zone, with fierce bulls and bears battles. Trading should be cautious, flexible, and phased, with strict risk control and gradual position building.