Recently, Ethereum's performance has indeed been worth paying attention to. Currently, ETH is in a critical upward cycle, but the pressure above is quite significant. Especially in the price range of 3350 to 3400, it has become a concentrated area for long liquidations, with a substantial amount of leveraged short positions accumulated here.

From a technical perspective, on the 4-hour chart, ETH's lows and highs are both continuously rising, indicating that the upward trend remains relatively healthy. However, the current price hovers around 3332, attempting to break through upwards, but each time it approaches 3400, it faces obvious selling pressure. The key support level below is at 3250; if it falls to this level, the short liquidation chain will be triggered.

Interestingly, the market sentiment is still leaning towards optimism. The RSI indicator shows high enthusiasm, but it hasn't reached extreme euphoria yet. However, caution is needed as the funding rates for some altcoins (like XMR) have soared to extreme levels. In such cases, the short-term correction risk is actually as high as about 90%, so those chasing the highs should be cautious.

From a trading perspective: aggressive traders can wait for ETH to break through the 3400 threshold and stabilize before chasing the rally, with a target around 3500. If you are more conservative, you can consider buying on dips within the 3250 to 3300 range. For shorts, this moment is not very friendly because data shows shorts are being continuously squeezed, and blindly opening short positions carries a relatively high risk.

Overall, the 3350 to 3400 range is like a hurdle. If it can be broken through, the market may reach new highs; if not, it might face a pullback. Market volatility is inherently intense, so all investment decisions should include proper risk management, and controlling position size is the top priority.