After a brief Rebound on Sunday, ETH directly fell below the support level of $4250 today, then quickly rebounded and became range-bound. Currently, technically, the MACD has formed a death cross and the EMA is in short positions, so the Rebound may not be very high.

Overall, the short-term market is entering a technical adjustment, but the bull market structure remains intact. BTC is focused on the $112,000 defense line, while ETH holding above $4,200 can avoid a deep correction. Macroeconomic policy (inflation/interest rate cuts) is the core variable for the mid-term; if the data eases, the rebound momentum will quickly gather.

The pullback is approaching the mid-stage, but it has not yet ended.