Recently, the Ethereum market has been causing people to feel conflicted. Analysts supporting both bullish and bearish perspectives have their own arguments. I have compiled opinions from multiple sources and found that both sides have clear logic and key price levels, with particularly obvious divergences.

First, let's look at the bears. The core view is "breakout failure, beware of a drop." They believe that ETH's previous attempt to break the key resistance at 4200 was unsuccessful, leading to a direct cooling of market sentiment. Technically, the price has already fallen below the 100-day moving average, with the next dynamic support at the 200-day moving average (around 3500). If it can't hold, it may further drop to 3400 or even 3000.
Moreover, there has been a situation where more than 269 million ETH long positions were liquidated in a single day, and such a large-scale liquidation has disrupted the short-term market structure, making the market more susceptible to selling pressure. Looking at the indicators, the Relative Strength Index (RSI) has fallen below 40, with weak buying pressure and strong bearish momentum, which are all reasons for the bears.
But there is also a hard logic from multiple parties, believing that a short-term rebound is possible and that there is hope in the long term. Technically, an RSI double bottom pattern has appeared near 3826, along with a KDJ golden cross, all of which are signals of a rebound after being oversold. Many people believe that the short-term bottom is about to arrive.
More importantly, institutional actions are crucial. Institutions like BitMine are still aggressively buying ETH, with new purchases worth $417 million. The willingness of large funds to enter the market indicates confidence in long-term value. Additionally, the 3900-3910 range is a key support level; if it holds, it can lay the groundwork for a rebound, with opportunities to rise to 4800 or even 5000.
In summary of these differences, the operational strategy for today is as follows: planning to go long around 3830-3790, aiming for 3880 in the short term, and if it stabilizes, then look towards 3930. The market is currently experiencing significant fluctuations, so regardless of which side you follow, you must ensure proper risk control and avoid blind trading.