Recently, the Ethereum (ETH) market has shown a complex trend. After reaching a historical high of $4794 yesterday, ETH failed to break through and subsequently consolidated sideways in the range of $4720 to $4790. After a long period of high-level volatility, ETH experienced a sharp fall, hitting a low of $4451, and then quickly rebounded. However, it could not hold above the $4700 level and fell back to around $4456.

From a technical perspective, the Bollinger Bands are expanding downward, with a range of $4796 to $4431. ETH is currently positioned between the lower and middle bands, with the downward corresponding price of the middle band at $4613. After touching the lower band, ETH experienced a rebound but failed to break through the middle band, followed by a slight pullback.

In terms of moving averages, the short-term moving average shows a death cross downward trend, but there is a tendency for another crossover. The 30-day and 60-day moving averages are about to cross, creating upper pressure. The 120-day moving average is sideways at $4447, forming bottom support, while the 240-day moving average is rising to $4146, providing stronger support.

The MACD indicator shows that bearish strength is weakening, with a trend towards forming a golden cross, suggesting a possible slight rebound. The RSI indicator has crossed upwards, which also supports this view.

Comprehensive analysis indicates that ETH may show a slight oscillating upward trend in the short term. The upper resistance levels are at $4673 and $4800, while the lower support levels are at $4458 and $4160. Currently, ETH has rebounded after reaching a low, but is being suppressed by the 5-day moving average on the 4-hour K-line, entering a narrow oscillation range between $4540 and $4590.

For trading strategies, investors may consider establishing short positions near $4670, setting a stop-loss at $4801, with target price levels between $4580 and $4550. Bulls can build positions near $4450, while aggressive investors may also enter at $4530, but need to manage risks carefully.

It is worth noting that the market environment is complex and changeable, and investors should closely monitor market trends and adjust their strategies in a timely manner. As an important participant in the cryptocurrency market, Ethereum's movements are influenced not only by its own factors but also closely related to the overall market environment. In the current market environment, it is crucial to remain rational and cautious.