Recently, the 1-hour trend of ETH has shown some interesting signals worth paying attention to.

From a technical perspective, the price has been repeatedly testing the bottom around the 2930 moving average. The Bollinger Bands have shifted from narrowing to slight expansion, which often indicates that a directional move is about to occur. The retracement near the previous high of 2994 has been in a decreasing volume state throughout—this is crucial, as it usually suggests that the selling pressure is not releasing but that both bulls and bears are reorganizing their positions.

On the MACD indicator, the DIFF value has approached DEA, with the gap between the yellow and white lines being very small, and a golden cross is just one step away. The green histogram continues to shrink, which typically signals a potential shift in momentum.

On-chain data also reveals some clues. In the past 1 hour, there have been three ETH transfers of over 1000 tokens each, all directed toward DeFi staking contracts. Meanwhile, ETH holdings on exchanges have decreased by 0.8% within 24 hours, indicating that selling pressure is indeed easing. Interestingly, these outflows are concentrating into long-term holder addresses—this sign is often associated with institutional accumulation phases.

Fundamentally, there are also noteworthy developments. In recent discussions within the Ethereum core development team, the Gas fee optimization proposals related to the Cancun upgrade in Q1 have entered the final audit stage. If these proposals proceed smoothly, they will directly enhance the network’s efficiency and capacity, and such positive news is usually priced in by the market in advance.

Overall, the current pullback appears more like a process of consolidation confirmation rather than a top signal. The vicinity of 2970 could be a recent observation point, but investment decisions should be based on individual risk tolerance. This discussion is purely technical.