The recent digital money market has shown an uncertain trend, especially the performance of Ethereum is thought-provoking. As one of the market's barometers, Ethereum has been fluctuating in the high range in recent days, failing to break through the important psychological barrier of $4000, indicating a clear lack of upward momentum.

From a technical analysis perspective, the continuous appearance of small rising candlesticks on the daily chart, along with gradually shrinking trading volume, indicates a 'stagnant rise' phenomenon that usually presages a potential market reversal. Recently, the price of Ethereum dipped to $3613, precisely touching the oscillation midline in the previous 4-hour chart. Although it has not yet broken through the key support level, a breach of this level could trigger further declines.

Market analysts generally believe that a pullback of Ethereum to around $3200 in the short term is a reasonable expectation. However, if market sentiment deteriorates further, the possibility of the price testing the $2800 level cannot be ruled out. From a technical perspective, the daily MACD is still in a death cross state, while the RSI has begun to fall back from the overbought area, all of which are potential bearish signals.

It is worth noting that the current market trend is not an isolated event; changes in the global macroeconomic situation may have far-reaching effects on the cryptocurrency market. Investors need to closely monitor various external factors, including but not limited to adjustments in international trade policies and changes in the regulatory environment, all of which could become key factors influencing market direction.

In this complex and ever-changing market environment, both long-term holders and short-term traders need to maintain a clear mind and manage risks effectively. For investors who believe in the long-term value of blockchain technology, the short-term fluctuations in the market may provide good opportunities for gradual accumulation. However, considering the increasingly obvious bearish signals from the current technical indicators, it may be wise to remain cautious and patient.