The recent rebound of Ethereum seems to be unstable, and technical analysis indicates that the market may be facing downward pressure.

The cross star pattern appearing on the 90-minute candlestick chart reflects the fierce struggle between bulls and bears at high levels but failed to form a breakout. The current price continues to operate below the short-term and medium-term moving averages, and the short-term moving average has crossed below the medium-term moving average, forming what is known as a "death cross," which is typically regarded as a bearish signal.

It is worth noting that the area of maximum trading volume is concentrated between 4285 and 4303, while the current price has already moved far from this key support level. If the price continues to decline, it may accelerate downward due to a lack of sufficient buying support.

Although some technical indicators such as RSI and KDJ seem to suggest a potential rebound, we cannot ignore the fact that trading volume continues to shrink. The recent average trading volume has significantly decreased by more than 30%, indicating a clear lack of buying power in the market. In this situation, even if a brief rebound occurs, it may be a form of induced rise, and investors should remain vigilant.

Currently, the market structure leans towards a bear-dominated trend, and any rebound may become an opportunity to reduce positions rather than a signal to enter. Investors should closely monitor the performance of the key support level at 4285. If this level is effectively broken, it may indicate the beginning of a new round of downward movement.

In this market environment, investors need to remain calm and avoid blindly chasing highs. It is recommended to closely monitor market changes and wait for clearer signals to appear before making investment decisions.