Ethereum's pullback is not yet over.

From a technical standpoint, Ethereum’s previous strong upward structure has been notably disrupted amid this pullback. The 1-hour K-line chart shows that after failing to break through the 4,788 high, ETH closed multiple consecutive long-bodied bearish candles. Its price has sequentially breached the MA5, MA20, and MA60 moving averages, marking a reversal in the short-term trend.
After the MACD indicator formed a "death cross" at a high level, the fast line has crossed below the zero line and entered the bearish zone. The green bearish momentum bars continue to expand, indicating that the short-term adjustment is not yet complete.
Today, Ethereum’s price is struggling to hold above the medium-term moving average. A break below this level could trigger a deeper decline.