Based on the early morning market trend, Ethereum has been declining from 3200 to 3123 and then rebounded to around 3160. Although the overall movement aligns with the expected support zone of 3115-3125, the rebound strength is noticeably weak, and the technical structure remains dominated by a bearish trend.

Currently, the price is still under the pressure of the 4-hour bearish moving averages. The key resistance levels are in the 3175-3185 range. If a clear breakthrough cannot be achieved, the rebound is merely a technical correction within the downtrend. Attention should be paid to the short-term support at 3120-3130; a break below could lead to further declines toward the 3080-3100 area.
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Overall, the market remains in a bearish pattern. It is recommended to adopt a strategy of shorting on rebounds, focusing on signs of resistance in the 3170-3185 range. The only risk is if the price breaks through strongly and stabilizes above 3220, then a reassessment of the short-term trend structure will be necessary.