ETH is currently weakly following the fluctuations of BTC, making it difficult to have an independent market trend. On the daily chart, the Bollinger Bands are narrowing and flattening, and after the MACD golden cross, it has become consolidated with consecutive small bearish lines, indicating a lack of active buying funds. The rebound is weak and requires strong market support to get out of the mire; on the 4-hour chart, short positions are dominant, with the MACD death cross below the zero axis, and the Bollinger Bands are narrowing downwards, clearly indicating that the short-term trend is leaning towards short positions. The current rebound is merely a technical pullback after being oversold.

The short-term market will also depend on the Federal Reserve's statement at 2 AM tomorrow, with resistance levels at $4650 and $4720, and support levels at $4400 and $4280.

The market is currently on the eve of a significant directional choice, with volatility compressed to the extreme. All technical indicators are temporarily giving way to the fundamentals. Tomorrow at 2 AM, the Federal Reserve's decision and Powell's speech will not be an ordinary fluctuation, but a "ruling" that will determine the trend for the coming weeks and even months. Please fasten your seatbelt, protect your principal, and wait for the storm to pass before setting sail.