📈 Multiple Perspectives and Bullish Signals

· Long-term Technical Outlook: Some analysts believe Ethereum has achieved a key weekly breakout.
· Institutional Demand Locking Supply: A large amount of ETH is being staked, significantly reducing circulating supply; institutional products like Ethereum ETFs continue to see inflows.
· Fundamentals and Technical Upgrades: Dominating the tokenization of real-world assets (RWA); technical upgrades scheduled for 2025 are expected to further enhance network performance.

📉 Bearish Perspectives and Risk Warnings

· Short-term Technical Weakness: Price has broken below the key support at $3,200 and the hourly uptrend line; multiple technical indicators show increasing bearish momentum.
· Key Resistance Not Broken: Price faced resistance and pulled back near $3,300.
· Institutional Demand May Weaken: Coinbase premium indicator has fallen to a near 10-month low, suggesting waning demand from US institutional investors.

💎 Core Market Observation

Overall, the main disagreement in the current market revolves around the relationship between short-term correction and long-term trend:

· Most views see the current decline as a healthy correction. This mainly pertains to a technical adjustment after the rapid surge from around $2,900 to $3,300, rather than a trend reversal.
· The critical trading range to watch is between $3,080 and $3,220. Whether the price can regain $3,200 and break through the resistance at $3,220 is key to determining if the rebound will continue or if further support levels will be tested.
· Macro sentiment is cautious. The entire cryptocurrency market is affected by risk-averse sentiment, with traders waiting for key macroeconomic data such as the US Non-Farm Payroll report, which suppresses risk asset buying.

🤔 What should you focus on next?

The upcoming price movement may depend on the following aspects:

· Technical Level: Pay close attention to the defense and attack at $3,080 (strong support) and $3,220 (key resistance).
· On-chain Data: Watch whether indicators like Coinbase premium can recover, to assess if institutional funds are flowing back in.
· Macro Level: Monitor upcoming key economic data (such as the US Non-Farm Payroll report) and their impact on overall market risk sentiment.