Today, the Ethereum price is fluctuating at a high level in the range of 3730-3850, currently around 3780, and may face selling pressure in the short term.

From a technical perspective, the support level for Ethereum is at 3650, while the strong resistance level has risen to 3950. The MACD has formed a death cross at a high level, the RSI has entered the overbought zone, and the risk of a double top formation is evident. If it breaks below 3735, it may trigger technical stop-losses.

In terms of market dynamics, the Ethereum 2.0 upgrade is approaching, which could enhance network efficiency, but the tightening liquidity in the short term may affect prices. Abraxas Capital has increased its holdings by 242,000 ETH, pushing its investment return close to 50%, but caution is needed regarding profit-taking. The U.S. SEC's regulatory stance on cryptocurrencies is becoming stricter, which may trigger market volatility.

Long position advice: Enter when the price retraces to the support area of 3730-3700, with a stop-loss at 3670 and a target around 3780-3850.

Short position advice: Test the short when rebounding to the resistance level of 3820-3850, with a stop-loss at 3880 and a target around 3700-3650.