As soon as yesterday's US Non-farm Payrolls (NFP) data was released, the market collapsed instantly! ETH plummeted from 4480 to 4260, which is called a dimensional strike from the news—an Unfavourable Information surprise, with suckers collectively cutting losses! However, it surprisingly didn't collapse at 4260, but rather rebounded quickly, indicating that the technical support at 4200 is solid! Whales are frantically placing buy orders between 4200-4250, and on-chain data shows a surge in net outflow from the exchange, making it impossible for short positions to break through!

From a technical perspective, there is a strong resistance at 4500: this position has been hit every time it attempts to rise! The RSI indicator is close to 70, and without significant good news, it's hard to break through.
Below 4200: This is the lifeline for the bulls! MACD green bars decreasing + Bollinger Bands lower support, it dropped to 4260 last night and then rebounded, indicating that the main force is firmly defending this range. The inflow-outflow ratio at the exchange is <0.8, and the Whale addresses are still increasing their positions. Gas fees have suddenly surged, usually accompanied by a price increase.
My personal opinion is that in the short term, the market will fluctuate around 4280-4500, which presents opportunities for trading.