#中美贸易协商 Ethereum is currently trading at $3,975, continuing its downward trend after breaking through an important support level. Analyzing the 4-hour chart, the price is moving along the lower band of the Bollinger Bands, while the MACD indicator has formed a death cross and is developing downward, indicating that short positions are dominating the market.

The short-term rebound is expected to encounter resistance in the $3,990-$4,000 range. Market focus should be on the key support level of $3,925; if this level is lost, Ethereum may further drop to the $3,880-$3,900 range.

Technical analysis shows that when the price rebounds to the $3,985-$3,995 area, it may be an ideal entry point for short positions, and it is recommended to set the stop-loss above $4,015. If the price directly breaks below the 3,925 support level, investors can consider lightly chasing short positions, targeting $3,880. It should be noted that the overall trend strength is still downward, and various rebounds are likely to provide shorting opportunities.