Ethereum (ETH) has recently performed impressively, hovering around $4.23K. After a drop from $4.48K, ETH has now entered a narrow range between $4.22K and $4.23K. Market dynamics show that each rebound is accompanied by steadily increasing selling pressure, while below $4.22K, there is a risk of long positions closing.

In-depth analysis of 15 months of ETH/USDT trading data allows us to outline a complex market picture. After a sharp drop from 4.44K to 4.19K, ETH fell into a narrow range oscillation between 4.22K and 4.28K. The Super Trend indicator shows red, suggesting there is still room for rise in the short term, but the increase in trading volume also indicates potential volatility.

In terms of resistance levels, 4.26K-4.28K is the primary selling zone, 4.32K has faced strong resistance during the day, while 4.36K-4.40K is a more substantial area for sell orders. As for support levels, 4.22K is the immediate buying point, 4.20K-4.19K forms a high liquidity rebound bottom, and if it falls below 4.19K, then 4.16K will become the next key support.

The current market focus is on the indirect cost ceiling of 4.26K-4.28K. A breakthrough of 4.28K will open the upward channel towards 4.32K or even 4.36K. Conversely, if it falls below 4.22K, ETH may retest 4.19K and even further dip to 4.16K.

Overall, ETH is in a critical consolidation phase. Investors should closely monitor the three important support levels at 4.22K, 4.19K, and 4.16K, as well as the resistance levels at 4.28K, 4.32K, and 4.36K. The next direction of the market will depend on the breakthrough or maintenance of these key price levels. In this uncertain market environment, it is crucial to remain vigilant and adopt a flexible trading strategy.