Markets are born in despair and extend in hesitation - today's ETH is a classic moment of both bulls and bears wrestling at a key bottleneck.

Brothers, today's ETH movement has literally written the word 'stimulus' on the K-line! It once surged to 4331.50 in the morning, then quickly fell back to 4164.23, currently hovering around 4250, just like an athlete catching their breath at the halfway line (Bollinger Band midline 4173).

From a technical perspective, the 4-hour K-line formed a long upper shadow, indicating significant selling pressure at high levels. However, the Bollinger Bands continue to open upwards, and the moving average system is in a bullish arrangement; the overall trend has not been damaged - like taking a break halfway up a mountain, as long as it does not fall below the mountain waist, the chance to reach the summit is still there.

Key data hides secrets:

Funding rate +0.006% (bulls are still willing to pay holding costs)

Basis -1.79 (the futures market appears slightly cautious)

On-chain whales increased their holdings by 23,000 ETH in 24 hours (smart money often positions itself while retail investors hesitate).

In light of today's news, BlackRock's ETH spot ETF custody code has appeared on the DTCC website, combined with Vitalik's endorsement of Layer2 progress, the fundamental support is strengthening.

My view is very clear:

4250 is the dividing line for bulls and bears; if it holds, there is hope to reach 4300+ (especially if U.S. stocks drive the sentiment at night). If it falls below the key support of 4150, it may retest the psychological level of 4000.

Just like yesterday's BTC dual massacre at 42000, ETH's main force specifically targeted players using leverage to chase highs and kill lows.

Operational suggestions:

Short-term: high sell and low buy in the range of 4250±20, strictly set a stop loss at 4140.

Long-term: can be positioned in batches, with a focus on Layer2 ecosystem coins (like OP/ARB).

The market always rewards those who see through the pattern - will you choose to ambush in the divergence, or wait until FOMO to chase the highs? Let's discuss your strategy in the comments!

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