The Ethereum (ETH) market has recently shown a significant pullback trend. As of August 26th, 16:30, the ETH/USDT trading pair is quoted at 4408.01 USD, with a 24-hour decline of 4.11%, equivalent to approximately 31517.27 RMB.

From the intraday market perspective, the price of ETH has fluctuated significantly, reaching a high of 4690.02 USD, before falling back to a low of 4311.04 USD. In the short term, 4311.04 USD has become a key support level that investors need to closely monitor.

Technical analysis shows that ETH is currently in a relatively weak position. Trading volume data indicates active trading during the decline, but the rebound strength is insufficient. The moving average system shows a downward trend, putting pressure on the price. The Relative Strength Index (RSI) is below the neutral line of 50, reflecting insufficient bullish strength. Although the MACD indicator shows slight signs of a golden cross, it is still overall in the negative territory, with limited upward momentum.

Market analysts point out that the recent pullback in ETH may stem from concentrated profit-taking sell-offs. If the price fails to break through the moving average resistance and the trading volume does not significantly increase, ETH may continue to trend downward in a volatile manner. Particularly, if it breaks below the support level of 4311.04 USD, it could trigger further declines.

It is worth noting that the cryptocurrency market is influenced by multiple factors and has high volatility. Investors should closely monitor market dynamics, especially changes in trading volume and breakthroughs at key price levels. In the current market environment, maintaining a cautious attitude and managing risks is particularly important.