Ethereum's short positions accelerated their decline as expected at 8 AM today, with the price of Ethereum dipping to around 3960 during the afternoon. This indicates that market selling pressure is becoming increasingly strong. Currently, the weekly chart is showing a large bearish candle, suggesting that the short positions have not completely ended. If Ethereum effectively breaks below the 3960-3820 area, the price will likely head towards the lower boundary, which is around 3500.

From the daily technical indicators, the KDJ, MACD, and BOLL indicators are all in a bearish structure with increasing selling pressure. The three-day moving averages are all in a bearish arrangement. Currently, Ethereum is showing a red TD9 bearish signal, and the five-day moving average is continuing to strengthen its downward momentum. Overall, I believe that the price will likely continue to oscillate downwards throughout the day.

From the four-hour technical indicators, the KDJ, MACD, and BOLL indicators are in a phase of bearish resonance and decline, with the short-term indicators showing a continuous increase in the magnitude of the decline. The three-day moving averages are maintaining a bearish downward trend, and the five-day and thirty-day moving averages are continuously exerting downward pressure. It is clear that the selling pressure from short positions is very strong. The trading strategy for the day suggests maintaining a focus on short positions, with particular attention to the 3960-3820 area. If this level is broken, the subsequent bearish momentum and selling pressure will be even stronger.

The above is my personal analysis and trading strategy for the evening. Specific points and directional changes will be based on real-time guidance.

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