Ethereum (ETH) is currently showing a high-level fluctuation trend, with market participants closely following its future direction. As of August 21, 11:30 AM Beijing time, the price of ETH is reported at $4,308, with an intraday fluctuation range exceeding $250, indicating that market sentiment remains sensitive.

Currently, ETH is searching for direction within the range of $4,100 to $4,400. Despite significant fluctuations, the support level of $4,100 has not been breached temporarily, which provides some confidence for the bulls. In terms of technical indicators, although the MACD is converging, a death cross has not yet formed, and the RSI is at a neutral to low level, suggesting that selling pressure may be nearing its end.

From a fundamental perspective, although the latest ETF and institutional holding data has not yet been released, the market generally expects the medium to long-term outlook for Ethereum to remain positive. On-chain data shows that the supply of ETH on exchanges is at historically low levels, which may help alleviate selling pressure to some extent and provide support for the price.

However, the market still faces potential risks. If ETH falls below the critical support level of $4,100, it may trigger further declines. Conversely, if it can strongly break through the resistance zone of $4,370 to $4,400, it may indicate that the bulls are regaining control.

For traders, the following strategies can be considered: cautiously entering after breaking through $4,370; looking for buying opportunities near the support level of $4,100 to $4,150; or maintaining a wait-and-see attitude until the direction is clear.

Overall, the Ethereum market is currently at a critical juncture. Although there is significant fluctuation in the short term, the core support level remains intact. Market participants need to closely follow changes in trading volume and make decisions only after confirming clear signals. In this uncertain market environment, maintaining patience and caution is crucial.