Observing the 4-hour candlestick chart, Ethereum is currently still oscillating within a downtrend channel. Recently, the price rebounded after finding support at the EMA120 moving average, but the upward momentum quickly weakened. Currently, the EMA30, EMA15 moving averages and the middle band of the Bollinger Bands form a joint resistance, limiting the rebound space.

In terms of technical indicators, the bearish momentum has weakened. The MACD red bars are gradually shrinking, and the DIF and DEA lines are converging, indicating that the balance of power between bulls and bears is tending towards equilibrium. The RSI indicator is hovering around 54, without any clear overbought or oversold signals, keeping the market relatively balanced. The KDJ indicator has formed a golden cross at a low level, suggesting that bulls still have a chance for a counterattack, but given the current upward pressure, it is not advisable to blindly chase higher prices.

From a strategic perspective, the middle band of the Bollinger Bands has become the current dividing line between bulls and bears. If the bulls cannot break through this resistance level, a temporary high may form at that point. Investors may consider taking moderate profits at high levels or trying to short with small positions. On the other hand, the intersection area of the lower band of the Bollinger Bands and the EMA120 moving average constitutes strong support, making it preferable to consider a low-position long strategy during the early morning hours.

It is worth noting that market sentiment remains relatively cautious, and investors should closely monitor the performance of important support levels. At the same time, attention should also be paid to changes in the global macroeconomic situation and regulatory policies, as these factors may have a significant impact on the cryptocurrency market. In terms of operations, it is recommended to adopt a flexible strategy, control risks, and adjust positions in a timely manner based on market changes.