With yesterday's sharp decline in Bitcoin, Ethereum also aggressively broke down.

From the four-hour level, Ethereum fell back at the $3800 resistance line, strongly breaking through the $3500 strong-weak dividing line yesterday. Ethereum's four-hour level has completely weakened, and it will be difficult to restore stability at the $3500 strong-weak dividing line in the short term. Personally, I am optimistic that in the next few days, Ethereum will further pull back and decline, so be wary of Ethereum's rise followed by a fall.

The upper resistance at $3800 is a strong short-term resistance for Ethereum, while closely watch the $3200—$3100 range at the four-hour level below.

This range is a very important strong support area, where retail bulls concentrate their efforts to defend. Once this range is strongly broken, Ethereum will test the $2800 bull-bear dividing line below.

From the daily level, Ethereum formed a large bearish candlestick yesterday, breaking three lines in one go, like a head-cutting knife, showing a bearish engulfing pattern. Ethereum's daily bullish trend has completely weakened, and it will be difficult for Ethereum to strongly restore the $3500 long-short dividing line in the short term.

Pay close attention to the strong support at the $3100 line below. Once this line is strongly broken at the daily level, Ethereum will further pull back and decline, testing the $2800 bull-bear dividing line.

In March this year, Ethereum will usher in an important upgrade. According to the timeline, Ethereum's market should unfold in advance, so January is very critical for Ethereum. #加密市场回调