The latest ETH market shows signs of increased uncertainty. According to the 1-hour Candlestick Chart analysis, the ETH price experienced a pump followed by a fall, dropping from a high of 3865.64 USD to 3806.78 USD. Currently, the price is operating within the Bollinger Bands, with the upper band at 3882.12 USD and the lower band at 3589.28 USD.

Although the trading volume increased when the price rose, it subsequently shrank, indicating that buying momentum may be weakening. In terms of the MACD indicator, although the DIF (50.01) and DEA (41.05) are still at relatively high levels, the shortening of the red bars suggests that bullish strength may be weakening.

It is worth noting that on-chain data shows that some large holders made transfers at price peaks, which may suggest that certain big players are quietly reducing their holdings. At the same time, overall market sentiment is becoming cautious due to recent volatility, and the interconnection effects of the U.S. tech stock market, along with potential regulatory factors, are also putting some pressure on the market.

Based on the current market conditions, ETH may face a risk of correction in the short term. The upper band of the Bollinger Bands at $3882 may constitute strong resistance, while the support level is initially near the 10-day moving average and the middle band of the Bollinger Bands at $3679.82. If this support is broken, the lower band of the Bollinger Bands at $3589 may become the next key support level.

However, from a medium to long-term perspective, the fundamentals of ETH remain relatively robust. As long as it can hold steady at key support levels, after a short-term adjustment, ETH may still have the possibility to resume its upward trend.

Investors should closely monitor market trends and operate cautiously while also paying attention to risk management. In this unpredictable cryptocurrency market, timely information updates and rational analysis will be key to formulating investment strategies.