Reviewing the situation, after Ethereum surged to around 4100 last night, the price began to fluctuate downward in the early hours of today. From the daily technical indicators, both the KDJ and MACD indicators are in a bearish expansion phase, and the BOLL indicator has once again dropped to the lower band area. Based on the current technical indicators, there is a tendency towards bearishness to a certain extent, and this is also one of the methods used by the market makers to shake out positions. It is evident that the market makers are manipulating the situation.
From the 4-hour technical indicators, the KDJ indicator shows a death cross and is declining, while both the MACD and BOLL indicators are in a slight downward trend. The MA30-day moving average has shown a significant increase in its downward momentum. In the short term, attention should be paid to the pressure from the MA30-day moving average. As long as this range cannot be broken, the price will continue to decline. Conversely, if it is effectively broken and stabilized, the price will naturally trend upward.
Finally, I personally expect that Ethereum's price will likely primarily fluctuate downward today, with support around the 3830-3760 range. If this area is broken, the price will naturally head towards the 3400-3215 range.
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