$ETH Ethereum (ETH) experienced significant fluctuations today (August 19), once dropping below the $4,300 mark in the morning, reporting at $4,299, with a 24-hour decline of 3.53%. As selling pressure increased in the afternoon, the ETH price further dipped to $4,195, expanding the intraday decline to 3.47%. Subsequently, although it slightly rebounded to around $4,205, the intraday decline still maintained at 3.22%. The current price is repeatedly testing the key psychological and technical support level of $4,200, becoming the focal point of market bulls and bears. If $4,200 is confirmed to be lost, it may drop to $4,063 (Fibonacci support), or even the $3,900-$4,000 region.

After holding the support and rebounding, breaking through the $4,450 resistance will restart the upward trend, targeting $4,793 and the historical high of $4,869. Today's deep correction in Ethereum is both a technical overbought repair and constrained by institutional short-term profit-taking. However, the continued inflow of spot ETFs and the mid-term upgrade narrative remain core support. $4,200 has become the “line of life and death” for bulls and bears; investors should pay attention to the capital flow during tonight's US trading session and changes in Grayscale (ETHE) holdings. If panic sentiment eases, Ethereum may regain momentum to challenge the $5,000 mark, injecting variables for the August closing battle.