To be honest, the recent market trend is a bit precarious. Ethereum has been stuck at a high level these days, unable to break through the significant barrier of 4000, clearly showing weakness in its upward momentum, and the trend is starting to weaken.
From the candlestick chart, the daily level has shown multiple small upward candles in a sideways pattern, with trading volume continuously decreasing, a typical signal of ‘stagnation’. Last night, it dropped again to the position of 3613, just hitting the midpoint of the earlier 4-hour level's fluctuations. In the short term, it hasn't broken through the key support, but once it does, we may need to look for stronger support below.
A short-term pullback to 3200 is quite reasonable; if the sentiment completely weakens, we cannot rule out a direct drop to 2800. The MACD on the daily chart is still in a death cross state, and the RSI has also turned down from the overbought area, with increasingly evident bearish signals in the technical analysis.
