Ethereum is currently trading around 3326, and from the 4-hour timeframe, it is in a high-level consolidation phase after a rally. This move started from the low of 2620, forming a typical higher lows and higher highs structure, and the trend remains bullish.

The price is oscillating near the previous resistance zone of 3300-3350, which was a key area of previous suppression and now serves as a point of contention between bulls and bears. Notably, the 3150-3200 zone has been tested multiple times and held firm, indicating strong buying support below, and the 4-hour central pivot is gradually rising.

After this recent volume-driven surge, trading volume has begun to gently decline, which is a normal pause in the uptrend, and no clear signs of heavy selling volume have appeared. As long as the price does not effectively break below the critical support of 3150, it should still be understood as a consolidation within a bullish trend.

In the short term, the next 4-12 hours are likely to see a relatively strong oscillation within the 3200-3400 range. If volume can stabilize above 3400, Ethereum may continue toward the 3500+ level; conversely, if it breaks below 3150, caution is advised for a deeper decline toward 3000-3050.

Trading reference: Consider short positions around 3350, targeting 3300, 3250, and 3200; for long positions around 3250, aim for 3350, 3500, and 3600.