After Ethereum's attempt to break through the key resistance at 3750 in the early morning failed, it has continued to retreat, currently down nearly a hundred points to around 3660. The technical indicators show that 3750 has formed an effective top resistance, with the hourly EMA5 crossing below EMA10, creating a death cross, combined with the MACD divergence signal, confirming the establishment of a short-term pullback trend. The current price is testing the short-term support level at 3660; if it fails to hold, it will open up greater downward space.

The 3700-3730 range above forms a short-term resistance zone. If it is not broken, the bearish outlook will be maintained. Below, it is important to pay close attention to the strength of the 3660 support level. If it breaks, it will test the previous low at 3620, and further down will look at the strong support area at 3580. Current market sentiment is bearish, with the rebound strength clearly insufficient and trading volume indicating that bears hold a dominant advantage.

It is recommended to short in the resistance range of 3680-3700, setting the stop loss above 3730, with the target looking towards the 3620-3580 range. Aggressive traders can try shorting with a light position near 3660, strictly setting a stop loss. Unless there is a clear breakout signal beyond 3730, it is not advised to go long against the trend; patiently wait for more clear bottom stabilization signals before considering long positions. #Gate ETH十周年回馈#