From the perspective of the daily chart, Ethereum has shown a continuous downtrend after forming a 'bearish engulfing' pattern at the 4794 level. The MACD indicator at the daily level shows that bullish strength is weakening. If this adjustment continues, investors need to closely monitor whether a top divergence signal will form.

In the short term, the one-hour chart shows that the price is running near the middle line of the Bollinger Bands, facing significant resistance. If it cannot break through this technical resistance level, it is very likely to continue looking for support downward.

According to the current market situation, the important reference point for Ethereum is at 4432. If it falls below this level, the next support level to watch is around 4352. Investors can use 45 points as a reference for defensive stop-loss when formulating trading strategies.

It is worth noting that the cryptocurrency market is highly volatile, and investors should thoroughly assess risks before making any decisions, taking into account other fundamental factors for comprehensive analysis. At the same time, closely monitor market sentiment and major news events, as they may have a significant impact on the price of Ethereum.