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What is happening with the price of Ethereum?
On the 4-hour timeframe, the price of Ethereum has broken through the middle line of its ascending channel and is now testing the lower boundary around $3625. The supertrend has switched from a bearish trend at $3899, indicating a shift in momentum towards sellers for the first time since mid-July. The -DI line on the DMI indicator has sharply risen to 30.4, while the +DI has dropped to 11.0, confirming the prevailing downward pressure.
The daily chart demonstrates a broader structural picture. After reaching a peak around $3940 on July 29, Ethereum returned to the $3600 zone, sharply reacting to the supply around the resistance level of $3900–$4000. Historical liquidity since April 2024 remains at the same level near this point, which creates additional obstacles for further growth.