Ethereum updated its weekly K chart this morning. From the perspective of weekly technical indicators, the KDJ indicator is in a dead cross downward phase, and the MACD indicator shows that the DIF is in a downward trend, with bullish momentum continuing to shrink. Although the BOLL indicator is currently moving upward overall, the coin price is still in a correction phase within the BOLL indicator. Meanwhile, the MA5-day moving average continues to exert downward pressure, and the increase in the MA10-day moving average has weakened. The lower MA30-day moving average continues to strengthen and is rebounding through a breakout. Additionally, the current coin price has created a slight technical gap with the MA5-day moving average, with the gap price approximately between 4327-4240. Therefore, I personally judge that there will be a rebound to repair the gap within the week. If the rebound cannot effectively break through the MA5-day moving average, the coin price will continue to decline with increased volume. Conversely, if it stabilizes around the MA5-day moving average, which is near 4327-4240, the coin price will naturally continue to challenge new highs. However, this probability is relatively low. Based on the trends from the end of 2021 and the end of August this year, the coin price has formed an M-shaped double top structure, which increases the probability of a bearish trend in the near future. Without discussing the intensity of the decline, at least in a bear market, Ethereum will likely touch the lower boundary of the upward channel structure.

From the perspective of daily technical indicators, today's KDJ indicator shows a slight golden cross upward, while the MACD indicator indicates that the bearish momentum is shrinking, and the DIF is in an upward posture. The BOLL indicator continues to oscillate downward, with the lower band continuing to open. It is still necessary to pay attention to whether it can stabilize at TD13, and whether Bitcoin can stabilize at TD9. Overall, from the daily perspective, the coin price is likely to undergo a rebound adjustment today.

Finally, I personally expect that Ethereum's price will likely experience a slight rebound during the day, with resistance levels around 4327-4240. For the subsequent trend, it is important to monitor whether this round of rebound can successfully break through the key resistance above. If it cannot break through, the market will naturally trend bearish.

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