Recently, the price trend of Ethereum (ETH) has attracted attention. From the 4-hour candlestick chart, ETH has fallen back to the central position of the oscillation range. For the short-term trend, we need to pay attention to two possible development directions.

First of all, if the current central position can be successfully defended, we might see the price drop to around $4179. This level could become an important support point in the short term.

However, if the price unfortunately falls below the current pivot, we may see a larger decline. In this case, ETH is likely to break through the psychological barrier of $4000 and further test the support strength around $3900. This area will be a key battleground for both bulls and bears.

It is worth noting that there is an increasingly close relationship between the cryptocurrency market and traditional financial markets. Therefore, we recommend that investors pay close attention to the performance after the NASDAQ index opens tonight. Considering the high correlation between ETH and the NASDAQ, the movements of the NASDAQ may have a significant impact on the short-term direction of ETH.

Overall, ETH is currently in a critical price range. Investors should remain vigilant and closely monitor the performance of the aforementioned support levels while also paying attention to broader market signals, especially the trends in tech stocks. In this uncertain market environment, it is particularly important to stay calm and rational.