Ethereum short-term support level at around 2340 has not been broken downward, so long positions can continue.

Daily chart: Volume surged on April 13 and 15, indicating strong bullish momentum, but volume also surged on April 14 with a decline, showing selling pressure above. Currently, the April 16 daily candle is a small bearish candle with low volume, and the market is in a consolidation phase.

• 1-hour chart: Recently, prices have been fluctuating between 2345 and 2385. At 03:00 on April 16, volume surged upward to 2375.05, then the price pulled back, now slightly oscillating around 2353. The latest candle is a small bullish candle with extremely low volume, indicating the short-term market direction is unclear, with balanced buying and selling forces.

2. Technical Indicators:

• MACD: On the 1-hour chart, the DIF line remains above the DEA line, but the MACD histogram continues to shrink and approaches the zero line, indicating that bullish momentum is significantly weakening and a death cross may form.

• RSI: On the 1-hour chart, RSI(14) is at 54.72, in the neutral zone, retreating from the overbought area, suggesting short-term upward momentum is waning and the market is entering a correction.

• EMA: On the 1-hour chart, EMA7 (2356.20) is above the price, exerting short-term resistance. The price is above EMA30 (2342.93) and EMA120 (2288.75), indicating that the medium- and long-term trend remains bullish. EMA7, EMA30, and EMA120 are in a bullish alignment, but EMA7 has started to flatten and cross below the price.

3. Volume:

• Daily chart: Volume was huge on April 13 and 14, showing active trading and significant disagreement between bulls and bears. The rally on April 15 was accompanied by high volume, but since April 16, volume has sharply decreased, indicating a strong market wait-and-see sentiment.

• 1-hour chart: During the upward move at 03:00 on April 16, volume was high (20,868), but during the subsequent pullback and consolidation, volume significantly shrank, especially the latest one-hour volume at 246, confirming insufficient short-term momentum and market hesitation.