Ethereum rebounded after a rapid decline in early trading on Monday, hitting a minimum of $3371 and currently quoted at $3,500. The total computing power of the Ethereum is 699.55TH/s, with 64,726,685 coin-holding addresses, an increase of 111,096 over the same period last year. The 24h chain transaction volume was 1,056,438 ETH, and the burned volume was 498,100 ETH. In the past week, the burned volume was 72183.94 ETH, an increase of 38.81% from the previous month. The total lock-up volume of the Ethereum L2 network is US$3.2 billion. Miners' income reached a nine-month low.
From a technical perspective, Ethereum weekly graph close with two consecutive bullish candle, and the daily candle closed bearish. The market focus is on Bitcoin and Ethereum’s momentum is weak short-term. H4 graph shows formation of retracement, breaking through the lower BOLL band followed by a rebound. Overall prioritise Buy on Low within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 3560.
Resistance：3560-3600-3650
Support：3440-3370-3270
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