Ethereum continued to decline in early trading on Wednesday and is currently trading around $4130. The amount of Ethereum burned was 915,700 ETH, 13697.21 ETH was burned yesterday, an increase of 14.92% from the previous month, and the amount of Ethereum pledged in ETH 2.0 exceeded 8.3 million. SEC filings revealed that the institution's Ethereum-based holdings increased by 19% in the third quarter.
From a technical perspective, Ethereum’s daily candle continues to decline. Moving average form Death Cross at a high position, and the indicators are slowing down. H4 graph shows formation of a downward gap, MACD weakened, the RSI indicator is around 30 which is a strong bearish sign. Overall prioritise Sell. The chart below is showing the key point and the estimated trend, the deciding point is near 4050.
Resistance：4180-4250-4440
Support：4050-3970-3880
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