$ETH price failed to break through and started to fall!

From recent price trends, the narrow range between 3480 and 3500 indicates that the market is in a wait-and-see state (i.e., both bulls and bears have temporarily reached a short-term balance). The previous rapid rise may have been due to concentrated capital inflow, followed by high-level consolidation showing weakening bullish strength. However, at this point, the price is above three moving averages, and the yellow 20 MA has crossed above the blue 60 MA and purple 120 MA, forming a bullish arrangement, which is bullish.

Technical indicator analysis:
MACD (Moving Average Convergence Divergence):
Hourly level: MACD is below the zero axis, DIF (fast line) and DEA (slow line) are diverging downwards, indicating a risk of further price decline in the short term. Daily level: MACD shows a bearish trend, with DIF and DEA continuously negative and the gap widening, indicating overall market weakness.