Ethereum (ETH) has recently shown impressive market performance. The price has been fluctuating within a narrow range between $4200 and $4500, and this compressed fluctuation range suggests that a significant breakthrough or fall may occur in the future.

Currently, $4500 has become a strong resistance level, but it is worth noting that the moving averages are gradually rising. Yesterday, the ETH price briefly touched $4220 and then quickly rebounded, showing strong support near the moving averages.

From a technical perspective, the ETH trend has formed a triangular wedge pattern. After the breakout, the price is still oscillating at the upper edge of the wedge, which poses a challenge for trend traders.

For the future trend, we can consider two possibilities:

1. If ETH falls below and stabilizes under $4240, it may indicate a bull-bear transition, and the market may continue to dip towards the weekly support level around $3500.

2. If ETH can rebound from $4220 to the range of $4350-$4400, and hold the 4240 USD moving average support during the pullback, forming a bullish candlestick pattern, then the upward trend may continue.

Currently, the 200-day moving average is in motion, and the range of $4240-4250 has become the dividing line between bulls and bears. A breakthrough by the bulls above $4500 will be an important signal, while the bears need to pay attention to whether the price falls and stabilizes below $4240-4250.

Overall, the current ETH market is at a critical decision point. Investors need to closely monitor these key price levels to seize the potential for significant fluctuations. In such a highly uncertain market environment, it is particularly important to remain rational and adhere to one's trading strategy.