Currently, all market attention is focused on key support levels. Technical analysis indicates that the $3150 area is the "lifeline" for ETH's short-term trend, with approximately 2.8 million ETH's on-chain support gathered near this level, which has repeatedly curbed the downward momentum.

If this support holds, the price may regroup and once again attempt to challenge the $3400 resistance level. However, once $3150 is confirmed as broken, the next important defense line will drop to around $2800, where approximately 3.6 million ETH's support has accumulated. The market is waiting for a decisive directional breakout to end the current consolidation pattern. $ETH ‌