According to the latest market data, the price of Ethereum has experienced a certain degree of pump in a short period, breaking through the middle band of the Bollinger Bands. From a technical perspective, various indicators show an upward trend, indicating that market sentiment is improving.

However, we cannot ignore the pressure above. The resistance level formed by multiple moving averages is still evident, while the MACD indicator has yet to break above the zero line. It is worth noting that the K and J values in the KDJ indicator have entered the overbought zone, which usually indicates that a pullback may occur in the short term.

Therefore, we expect that after this wave of rebound encounters resistance, Ethereum may re-enter a downtrend. For traders, it is advisable to closely monitor the strength of the rebound and consider shorting at the appropriate time.

Specifically, the range of 4360 to 4385 can be considered as potential short entry points, while setting 4200 as the target price. However, given the high volatility of the cryptocurrency market, investors should operate cautiously and manage risks effectively.

The current cryptocurrency market is in a correction phase, with many investors closely monitoring the performance of various tokens. Meanwhile, some institutional investors are increasing their holdings of Bitcoin, which could impact the entire market. Additionally, the implementation of the Ethereum staking withdrawal mechanism is also worth continuous attention, as it may affect the supply and demand balance of ETH.