Ethereum's $ETH is similarly linked to the market's weakness, quickly retreating after hitting a high of 1841 USD. The upper band of the Bollinger Bands on the four-hour chart has formed strong resistance, and with the divergence between price and volume, it is difficult for bulls to maintain momentum. The price dropped to a low of 1780 USD, falling below the 5-day moving average. The KDJ has formed a death cross in the overbought zone, and the RSI has also turned down from high levels, indicating strong bearish sentiment in the short term. Currently, it remains in a low-level fluctuation with a tendency to continue to decline.
The key support area to watch later is the 1730-1750 USD range on the four-hour chart. If effective support is gained, along with signals such as increased trading volume and a shortening of the MACD green bars, the bearish force may weaken, and bulls could have a chance to counterattack, focusing on the resistance levels of 1845 - 1860 USD; if the support is lost, panic sentiment will further spread, testing the bottom at 1550-1530 USD. If it breaks below this, the downtrend may intensify.
