Ethereum also experienced significant fluctuations during the day, failing to break through the 1690 level twice last night, resulting in a pullback under pressure. After multiple tests around the 1600 area in the early morning, it fell into a narrow range of fluctuations due to insufficient trading volume.

On the four-hour level, the market alternates between small bearish and bullish candles above the middle band of the Bollinger Bands, with the bands gradually narrowing, leading to a standoff between bulls and bears. However, the MACD indicator values are in the negative zone, indicating an overall weak trend in fluctuations. On the one-hour level, the market has had four consecutive bearish candles breaking below the middle band of the Bollinger Bands, with resistance levels above at 1650 and 1690. Only when the closing price stabilizes above 1650 on the four-hour level can there be hope for a breakout above 1700. If the rebound fails to break through 1650, the market will continue its weak downward trend, with support levels to watch around 1555-1500 and 1480.