ETH is currently quoted at 3218.8, up 7.28% from the trend start, having completed 140 one-hour K-lines. At first glance, the bullish trend still continues, but the problem is that momentum is clearly waning.

From a technical perspective, although the trend has not broken, there are signs of stagnation. The tracking line is set at 3197.8. If the price falls below this level, caution is advised — the bullish trend may face a severe test. There are also two support levels below at 3161.5 and 3123.4.

What’s more concerning is that the MACD histogram has started to turn negative, with momentum over the last 12 periods decreasing by 22.86%. This indicates that although the price remains high, the buying strength is significantly weakening. There is a short-term risk of a pullback testing the lower trendline support.

From a trading perspective, if you are still holding long positions, you can use 3197.8 as a trailing stop-loss to protect profits and follow the trend. As for chasing higher, the risk is indeed considerable now. There are no clear resistance levels above for the moment, but in this situation of waning momentum, chasing aggressively could easily lead to being caught in a trap.