ETH's performance over the past couple of days can be summarized in one sentence: shrinking volume and pushing higher, caution is needed.

Let's start with the 15-minute chart. The price has now touched the upper band of the Bollinger Bands, with continuous small bullish candles pushing upward, showing a good momentum. But where's the problem? Trading volume is shrinking, and the volume during these three upward candles is 30% less than before. Breakouts under these conditions are often false signals. The MACD also shows signs of a bearish divergence—price making new highs while the indicator's volume decreases, which is a warning sign.

Remember the support levels: do not break below the MA5 line at 3220. Next is the critical liquidation point at 3202, which is also where the previous high was. On the resistance side, 3250 is today's previous high, and above that, 3280 marks the upper Bollinger Band plus a dense area of open interest, which could lead to resistance.

Switching to the 1-hour chart, the situation appears relatively more moderate. Bullish candles still outnumber bearish ones, and the moving averages are well aligned (MA5, 10, 20 all trending upward), indicating that the short-term bulls still have some confidence. During upward moves, volume gradually increases; during pullbacks, volume shrinks, showing effective absorption by the bulls. Support remains at 3202, and further down, we look at MA30 at 3180. Resistance has been pushed up to 3327, which is a zone of dense short liquidations.

Looking at the 4-hour perspective, which best illustrates the trend, the previous 3200 range has been broken through. After a pullback for confirmation, a bullish engulfing pattern was formed. The MACD has also crossed bullish and is expanding, with volume during the breakout being 2.5 times that of the previous 4 hours, indicating a relatively strong trend. Long-term support is at the liquidation zones of 3202 and 3087. Resistance is at 3327, the weekly POC, and further up, the upper boundary of the liquidation map at 3562.

Overall, the main point remains: the bullish trend framework is intact, but the short-term position is indeed somewhat high. The trading strategy is: consider buying on dips at support levels for a bullish swing, and take profits when approaching resistance. The key is to monitor liquidation volume—volume breakout and volume pullback are the core indicators for judging the authenticity of the move.