Recently, the price movement of Ethereum (ETH) has shown characteristics of increased fluctuation. On an hourly basis, the ETH price has been oscillating between $3700 and $3760, attempting multiple times to break through the $3750 mark but failing to succeed, forming a short-term double top pattern. This pattern usually indicates a possible pullback.

On the daily chart, the long upper shadows for three consecutive days indicate significant selling pressure above $3750. However, it is noteworthy that the lows are gradually rising from $3616 to $3702, forming an ascending wedge pattern. This pattern suggests that although there may be pressure in the short term, the medium-term trend remains upward.

In terms of technical indicators, the hourly MACD indicator shows that the DIF line has crossed below the DEA line, and the volume of the histogram is shrinking, which is a signal of a short-term pullback. The RSI indicator on the hourly chart shows a neutral to weak state, while the daily RSI has fallen from the overbought zone, indicating a demand for adjustment. In the moving average system, the short-term EMA has formed a death cross, but the medium to long-term moving averages still maintain a good structure, which means that the overall trend has not been disrupted.

Volume analysis shows that recent large transactions are mainly concentrated in two time periods: 22nd at 22:00 and 23rd at 03:00, corresponding to a rise of 58.39 points and a drop of 40.51 points, respectively. This phenomenon of volume-price divergence is worthy of attention. At the same time, the daily volume continues to shrink, decreasing from 870,000 to 127,000, indicating that the upward momentum has weakened.

Overall, Ethereum may face some pullback pressure in the short term, and investors should remain vigilant. However, considering that the medium to long-term trend is still positive, this pullback may also provide a good entry opportunity for subsequent upward movement. Market participants need to closely monitor the breakout situation around the resistance level near $3750, as well as the performance of the support level below, to determine the direction of the upcoming price movement.