After failing to hold steady above $3200 in the early morning, Ethereum quickly turned downward, experiencing a sharp decline and touching a low of $3165. Although the price has slightly rebounded to around $3190, it remains below the hourly candlestick body formed by the early morning plunge. This indicates that $3200 has shifted from a support level to a clear short-term resistance. Until the price recovers this level, the overall structure remains bearish.

From a technical indicator perspective, the 4-hour MACD shows signs of a death cross with the fast and slow lines above the zero axis, and the red momentum bars are beginning to appear, indicating weakening upward momentum and increasing bearish pressure. Meanwhile, the price has fallen below the middle band of the Bollinger Bands (around $3195) and is operating below the short-term moving averages (such as the 5-period and 10-period), which are starting to flatten and turn downward. If the price continues to stay below the middle band, it will further confirm the bearish trend.
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If the price remains under pressure below $3200, the first support level is at $3165 (the early morning low). A break below this level could open further downside space toward the $3140-$3150 zone (near previous support levels and the daily MA30). Only a strong rebound with increased volume that stabilizes above $3210 can reverse the current short-term downtrend. In terms of trading strategy, it is recommended to consider the $3200-$3210 area as a short-term resistance zone. Staying below this level suggests a bearish bias, with strict stop-loss placement.