Looking at the recent 4-hour chart of ETH, the situation is quite interesting.

From the timeline, the price has significantly declined compared to noon on January 10th, but there has been a rebound since last night at 8 PM. The last candlestick is a bearish (downward) candle, with the closing price below the opening price, clearly showing a bearish engulfing pattern.

What’s most notable is the shrinking trading volume. The recent hours’ trading activity is noticeably less active than before, indicating the market is indeed a bit冷清 (quiet/slow)—both price and volume are declining together, a typical market wait-and-see state.

What does the technical analysis say? The MACD histogram is still in the positive zone but is gradually getting shorter, indicating the bullish momentum is weakening. The KDJ has not formed a golden cross or death cross, remaining neutral; the KDJ value is at 44, which currently feels somewhat弱势 (weak).

I’ve summarized the key levels:

**Bullish players should watch these**: Buying opportunities are at 3080.6 and 3063.0, with stop-loss set at 3065.2.

**Bearish players can consider**: Selling points are at 3296.84 and 3154.0, with stop-loss at 3313.32.

**Support and resistance**: Recent support is at 3063.0, resistance at 3154.0. The highest point touched 3296.84, and the lowest back down to 3080.6.

Overall, the bulls are somewhat exhausted, and the market is in a weak rebound phase. Caution is advised when participating.