Ethereum's recent price action has exposed several key issues.

From a structural perspective, the previous high is stuck in the 3367-3400 range, facing continuous resistance. After a period of sideways consolidation at high levels, there was an attempt to break out with increased volume, but it was immediately pushed back down—an expanding long bearish candle that directly broke through the moving averages and the middle Bollinger Band. This is not just a simple shakeout; it indicates that the main players are rhythmically releasing risk, and the trend is clearly weakening.

Currently, the price is operating in the lower-middle band area, with the MA30, MA60, and the middle band all turning into resistance levels. This is a typical reduction in positions: any rebound becomes an opportunity for distribution and shorting.

The volume details are quite interesting. During the decline, volume was significantly higher, but after the drop, volume quickly contracted, indicating a planned capital adjustment rather than panic selling. After the MACD formed a death cross at high levels, the green bars continued to expand, confirming the trend. The RSI rapidly fell below 30 into oversold territory, but don’t be fooled—oversold does not mean the bottom is in.

On the technical side, resistance is at 3250, with support between 3120-3080. This decline is not a normal retracement but a trend choice after high-level oscillation. The volume break below the middle band signals structural weakening; short-term rebounds are not signs of a new upward trend but opportunities for reduction and shorting.