Yesterday, ETH weakened along with the broader market, breaking through the psychological level of 3000. Currently, the one-hour chart is stuck in a low-range oscillation correction, with clearly insufficient rebound momentum. Both bulls and bears are watching several key support and resistance levels; whoever breaks through first will set the short-term direction.

**What does the current trend look like?**

From the candlestick pattern, ETH's one-hour chart has been fluctuating between surging upward, being pushed back, and then continuing narrow-range oscillation. The price has been bouncing within the 2950 to 2980 range, with the candlestick bodies getting smaller and smaller, indicating aggressive selling above, while the bulls are trying to rebound but cannot break through, overall showing a weak consolidation after a decline.

What about trading volume? Very sluggish. Over these days of consolidation, there have been no obvious signals of increased volume entering the market, and the market sentiment remains highly cautious. Both bulls and bears are waiting; no one dares to take the initiative, making a one-sided trend unlikely in the short term—it's a bottoming process.

**What do technical indicators say?**

The MACD is still oscillating below the zero line, with the green bars narrowing but no golden cross yet. The bearish momentum is waning, but the bulls haven't shown a clear counterattack signal, indicating a weak rebound state.

The RSI fluctuates between 40 and 50, neither oversold nor overbought, fully confirming the current sideways pattern, with no signs of reversal from a technical perspective.

The Bollinger Bands are gradually narrowing, with the price moving between the upper and middle bands. The middle band at around 2990 acts as short-term resistance, while the lower band at 2930 provides support. When Bollinger Bands tighten like this, it usually signals that a directional move is imminent.

**Key levels determine the next move**

On the upside, there are two resistance levels—first at 2990 to 3000 dollars, which is the middle Bollinger Band plus the psychological level of 3000. The bulls' first hurdle for a rebound is here; a volume breakout is needed to open up upward space, otherwise the rebound will be pushed back down. The second resistance is at 3020 to 3030 dollars, which was the resistance of the previous consolidation platform. If the price stabilizes above 3000, this level becomes the next target for a rebound.

On the downside, the support at the lower band of 2930 is crucial. If this level is effectively broken, the short-term weakness could be further confirmed.

Next, it depends on whether volume can break through these key levels. A breakout would signal a trend; failure to do so means continued consolidation here.