ETH's recent upward momentum has lost steam. After topping out at 3308, the price started to weaken, with the 1-hour MACD turning negative and forming a death cross—not a good signal.

From the current price of 3240.50, although it's clinging to the moving average, the upward push clearly lacks strength. Bears are starting to get restless, and short-term correction pressure is quite significant.

From a technical perspective, there are many traders shorting at this level—the key resistance is at 3308. If there's a pullback, the first target in the short term points to 3180.71, with further downside potentially testing 3132.58. Of course, stop losses should be placed above 3320 to control risk first and foremost.

Overall, the current environment is relatively favorable for bears.