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From the current market structure, Ethereum has been in a continuous bullish rally on the daily chart since forming a bottom. After breaking above the upper Bollinger Band, it retested but did not effectively break below the box support; on the 4-hour chart, a stepwise oscillating upward structure has formed, with the middle Bollinger Band continuously moving upward. The pullback is weak and lacks sustainability, representing a typical accumulation and consolidation pattern. The bullish trend has been established, and traders can continue to wait for pullbacks to enter long positions at lower levels.
It is recommended to go long around 3230 and 3200, with the initial target at 3320, and a breakout above that to look towards 3450.