From a technical perspective, Ethereum has now entered a critical stage of distribution confirmation, with the hourly chart showing clear bearish characteristics.

Specifically, the distribution logic unfolds as follows: first, the initial supply completes K1, then falls below the distribution support level to form K2, laying the foundation for distribution. In the third stage—during the secondary test—trading volume becomes a key indicator. If during this rally there is a decrease in volume or low volume (comparable to the performance in zone 5), there is a high probability of seeing high-volume doji or short-bodied candles within the price range of 3330 to 3350.

These types of candlestick patterns often indicate the successful completion of the distribution test, with bullish and bearish forces reaching a short-term equilibrium. Once this test is confirmed, it signals the start of a decline. Therefore, closely monitoring the volume and candlestick details in this price range is crucial for judging the subsequent trend. Once the distribution phase stabilizes, the certainty of a decline significantly increases.