Ethereum has risen above $3,200, and the upward momentum is gradually unfolding. From a technical perspective, the 3-day Bollinger Bands are narrowing, and there are signals of a symmetrical triangle breakout on the daily chart. If it can hold steady within the $3,100-$3,300 range, the next target points to $3,700; the bottom support is set at $2,800.

On-chain data is quite interesting—Ethereum balances in exchange wallets have fallen below 16.5 million, indicating that selling pressure is easing. However, there is a hidden concern: the premium index of a major spot exchange has dropped to -2.285, hitting a new low since the beginning of this year, suggesting that the enthusiasm for buying in the US market has decreased. This kind of inverted spread usually signals weakness on the demand side.