ETH has recently shown a clear technical shift, with the 1-hour chart pattern worth noting.

**Technical Resistance Release**

The price has plummeted from 3276, breaking below the key BOLL middle band at 3236. Currently, it is under pressure around 3228. The combination of the upper band acting as resistance and the middle band being breached indicates that a short-term bearish trend has begun. More importantly, the MACD indicator has shown a change—red histograms have significantly shrunk, and the DIF line has started to decline toward the DEA line. Such a 1-hour level reversal often signals a change in direction.

The previous important support at 3250 has been quickly broken, with weak support below focusing around 3212. If this level is broken again, the 3180-3200 zone will become a deeper level of pressure testing.

**On-Chain Signals Cannot Be Ignored**

Interestingly, on-chain data is also sending signals. In the past 30 minutes, ETH inflow on exchanges suddenly surged to 1200 tokens, breaking the previous 24-hour net outflow pattern. Such a spike usually reflects large holders taking advantage of the rebound to offload.

Looking more closely at small transfers—scattered sales of 10 to 100 tokens have already reached 42%, indicating that not only large holders are active, but retail investors are also increasing selling pressure. This multi-level resonance of selling often creates substantial downward momentum.

**Sentiment and Unexpected Variables**

The news front is also not calm. A certain crypto institution disclosed a summary of reducing holdings by 15,000 ETH (though not fully officially confirmed yet, the market has already reacted), combined with Federal Reserve officials' comments early morning about a possible delay in rate cuts, which has cooled market sentiment.

**Practical Trading Perspective**

Overall, the short-term bearish logic has sufficient support. If considering participation, one could establish a short position around 3230 as a test, with a stop-loss above 3300 (once broken, it indicates a wrong judgment). The first target is around 3200; if this level is effectively broken, look for the possibility of heading toward 3180.