The recent market movement in the early hours is really testing patience. ETH/USDT has only fluctuated 0.23% within an hour, and this low-volume consolidation pattern continues. We maintain our recent neutral to slightly bullish outlook; the main trend remains unchanged.

From a technical perspective, the price has been oscillating within a narrow range of 3340 to 3368 over the past few hours, a typical sideways accumulation pattern, with both bulls and bears waiting for a clear breakout.

The daily chart is very critical. The ADX at 43.7 indicates a strong trend, with a clear bullish dominance—+DI at 28.1 far exceeds -DI at 11.0. The market is solidly supported by fundamentals, with OBV showing continuous net inflow at +18.3%, and the CMF at 0.157 signals strong buying pressure. On the 4-hour chart, ADX at 30.1 also confirms a strong bullish trend, but RSI at 75.5 has entered overbought territory, and MFI at 73 indicates excessive capital inflow, suggesting short-term profit-taking is needed. The 1-hour chart shows ADX at 40.6 confirming a strong trend, with CMF at 0.116 indicating robust inflow, but ATR% at only 0.43 reflects very low volatility—this is a typical precursor to a trend reversal. Multi-timeframe consistency score is 80%, with a clear bullish trend.

Liquidity across exchanges is quite interesting. Overall buy-side dominance is 59.3%, but there is significant flow divergence. Coinbase shows a sell-side advantage (56%), while major exchanges like Binance, OKX, and Gate have a concentrated buy-side dominance (75%-84%). It appears large funds are actively accumulating on top-tier exchanges; Coinbase might be short-term profit-taking, which is not a false divergence but healthy rotation. The overall market signals are leaning bullish.

In terms of position, the current price is near the upper Bollinger Band on the daily chart, but the daily VWAP is at -9.77% deviation, indicating that the medium to long-term cost basis is actually lower, with limited downside space. The 4-hour VWAP is at +8.68%, favoring bulls intraday. Large order flow shows sell-side dominance at 71.3%, which is normal during short-term consolidation. The overall market fear and greed index is 49, indicating neutral sentiment. However, caution is advised as today is a significant political event date with high event risk. It’s recommended to hold light positions or wait and see.

**Key Support and Resistance Levels**: The current price is slightly above the multi-timeframe relative position. Focus on the 3310 to 3343 zone. The first support is at 3303 (Pivot S1), strong supports are at 3286 (Fib 78.6%) and 3238 (MA200); the first resistance is at 3376 (Pivot R1), followed by 3408 (Pivot R2).

If the price breaks below 3303, it may test supports at 3286 and even 3238. Based on liquidity flow divergence, if buy-side support can sustain the daily and 4-hour upward structure, there is still a chance for an upward breakout. The current position is not the worst, but also not ideal. It’s wiser to consolidate before a major event rather than force a rally, which is healthier.

**Trading Suggestions**: The main trend remains bullish, but in the short term, the market faces dual challenges of overbought conditions and event risk. Avoid chasing highs; patiently wait for a pullback to buy low. Consider deploying in batches near key supports, but always trade cautiously according to your risk tolerance. Ultimately, trading is about waiting for high-probability events and acting when risk is manageable—patience is key now.

⚠️Risk Warning: This strategy is based on technical analysis only and is for reference purposes. It does not constitute investment advice. Cryptocurrency markets are highly volatile; please trade cautiously.