ETH Technical Analysis:

Currently in a high-level pullback phase after an increase, the short-term 7-day moving average has crossed below the 14-day moving average forming a death cross, indicating significant pullback pressure.

The medium to long-term 30-day and 90-day moving averages remain stable and upward, with the overall trend in an upward channel.

From the candlestick pattern, it shows recent characteristics of 'sharp rise followed by a drop + increasing volume decline, decreasing volume rebound', indicating a decrease in market participation and a strong profit-taking sentiment. The MACD indicator has formed a death cross at a high level, the histogram has entered negative values and continues to expand, strengthening bearish momentum, but the fast and slow lines are still above the zero axis, indicating that we are still in a phase of strong upward movement with a temporary adjustment and have not yet fully turned bearish.

In the 4-hour adjustment level, a phase resistance has formed around 4380, and the rebound lasted about 24 hours yesterday, with the current high point exactly at this position.

Short-term focus on the performance of the 4380 resistance. If the 4-hour level can break through this position with volume, ETH is expected to test the previous high again.

Intraday trading suggestion: Pay attention to short-selling opportunities in the resistance range of 4330–4380 above, with support levels at 4180 and 4060 below.

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