The ETH daily chart is under pressure from the middle band of Bollinger Bands. The 4-hour MACD green bars are weakening and turning red, with DIF and DEA located below the zero axis, indicating that momentum has not fully strengthened. Key support is at 4300; the resistance level above is at 4600-4650. Currently, the market is more about repair than trend reversal, leaning bearish in the short term, but there will be a rebound at the key support level.

The fluctuation range of ETH in the next two to three days is between $4,250 and $4,650.

As mentioned earlier, the current fundamental issue is: because Powell unexpectedly took a dovish stance, the original pullback and consolidation were not completed, and was boosted by Powell's words, ETH led the altcoins with a shot of adrenaline, but Bitcoin did not react much and has now dropped to a new low (Bitcoin is more institutionalized, while the altcoins that are concentrated among retail investors are calmer);

The Federal Reserve's interest rate cut in September did not materialize, and the funds from the rate cut entering the market also require time. The time lag left by these two issues will likely be used by the main players to shake off positions. Because the burden is too heavy, it is still the theme to take profits now.