The Ethereum (ETH) market is currently at a delicate balance point, with price fluctuations narrowing and volume shrinking, which usually signals that significant market changes are imminent.

The current ETH price hovers around $4303, with a daily change of less than 0.3%, indicating that market participants generally adopt a wait-and-see attitude. Technically, $4370 is the key resistance level for an upward breakout, while $4200 serves as the short-term support level. The Bollinger Bands indicator shows upper and lower bands at $4384 and $4291 respectively, with the bandwidth noticeably narrowing, which typically suggests that the market is about to choose a direction.

Macroeconomic factors may become the trigger for fluctuations in the market. Tonight, Canada’s CPI and the U.S. new home sales data will be released, which could have a significant impact on the cryptocurrency market. In addition, factors such as the Eurozone’s current account, the results of U.S. Treasury auctions, and the trends in global commodity prices are also worth paying attention to, as they may indirectly influence the movement of ETH.

For traders, it is wise to remain cautious in the current situation. Short-term operations may consider trying to short when breaking through $4370, with a target range of $4350-$4300; if the price drops below $4220, a light long position can be taken, focusing on the $4200 support level. However, the safest strategy is to wait until tonight's important economic data is released before making a decision, to avoid being misled by false breakouts.

In the medium term, if ETH can hold above $4400, it may initiate a new round of upward movement. Conversely, if it falls below $4160, it may retest the $4000 level.

The characteristics of the cryptocurrency market are to breed opportunities in despair, rise in hesitation, and collapse in frenzy. Currently, ETH is in a period of hesitation, and investors need to weigh whether to position themselves early or wait for the trend to clarify before taking action. In any case, closely monitoring market trends and managing risks are essential to seize opportunities in this market full of challenges and possibilities.