Ethereum is currently fluctuating around $3110, having pulled back from the previous high of $3300, and is in a sensitive correction phase.

**Price level reference**

There will be some resistance at $3140-3180, and further up, $3200-3220 is a strong resistance. On the downside, $3100-3130 is the first line of defense; if it breaks, look at $3050-3080, with the final bottom at $3000.

**Recent signals**

From a technical perspective, the daily chart is in a correction, the 4-hour Bollinger Bands are starting to contract, and the hourly RSI has shown a bullish crossover, indicating a higher probability of short-term consolidation and correction. The market is more interesting—institutions have been buying ETH for three consecutive days, accumulating about $149 million worth, and leverage is also being reduced, making the overall structure healthier. However, with the US non-farm payroll data about to be released, market caution has increased these past two days.

In terms of trading, avoid rushing into longs until the $3140-3180 zone stabilizes. If the rebound hits resistance, consider short positions; a correction to the $3050-3080 range could be a good opportunity for light long positions. Risk management must be strict.

**Next one or two weeks' outlook**

The positive sign is that the staking liquidation queue is being absorbed, reducing selling pressure. Upgrades in the RWA track and ecosystem (forks, shard expansion) continue to release momentum, and institutional demand remains. At this pace, after a correction, there should be some buildup before a breakout, and as long as it holds above $3200, there's hope to push toward the previous high of $3300-3340.

However, watch out for two risks: if the Federal Reserve's stance on rate cuts changes, or if geopolitical tensions escalate, risk appetite could be affected and disrupt the rhythm. Especially if it falls below $3000, it could trigger a larger correction, requiring timely adjustments.