ETH's recent upward momentum has weakened somewhat. After the price topped out at 3308, it started to lose steam. The 1-hour MACD has turned negative and formed a death cross, which is not a good signal.

From the current price of 3240.50, although it's hugging the moving average, the upward momentum is clearly fading. The bears are starting to stir, and there's significant short-term correction pressure.

From a technical perspective, there are quite a few traders shorting at this level — the key resistance is at 3308. If it pulls back downward, the first target in the short term points to 3180.71, and a further decline could test the 3132.58 level. Of course, stop loss should be set above 3320 to control risk as the top priority.

Overall, the current environment is relatively favorable for the bears.