After failing to hold steady above $3200 in the early morning, Ethereum quickly turned downward, experiencing a sharp decline and touching a low of $3165. Although the price has slightly rebounded to around $3190, it remains below the hourly candlestick body formed by the early morning plunge. This indicates that $3200 has shifted from a support level to a clear short-term resistance. Until the price recovers this level, the overall structure remains bearish.
From a technical indicator perspective, the 4-hour MACD shows signs of a death cross with the fast and slow lines above the zero axis, a
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