Recently, the Ethereum (ETH) market has shown complex trends, attracting widespread attention from investors. The latest trading data indicates significant fluctuations in ETH prices, reflecting the current uncertainty in market sentiment.

From a technical perspective, ETH is at a crucial turning point. On the daily chart, the intertwining of multiple moving averages indicates that the short-term direction remains unclear. The momentum indicator MACD, although staying above the zero line, shows signs of weakening momentum, suggesting that bullish strength may be diminishing. At the same time, the KDJ indicator has entered the oversold region, which may create conditions for a technical rebound in the short term, but investors still need to be cautious about the potential risk of a second bottom.

The analysis of price support and resistance levels is crucial for understanding the potential movements of ETH. Currently, ETH is facing significant resistance above, where a large amount of previous trapped positions has accumulated, making it difficult to break through. On the other hand, if the key support level below is breached, it may trigger further downward pressure.

However, the trend of ETH is not only influenced by technical factors but is also closely related to the macroeconomic environment. The weak performance of global economic indicators, such as lower-than-expected PMI and inflation data, is increasing the market's risk aversion. This has led to a shift of funds from high-risk assets like cryptocurrencies to traditional safe-haven assets, putting liquidity pressure on the ETH market.

In addition, changes in the regulatory environment are also important factors affecting the ETH market. Several countries are adjusting their cryptocurrency regulatory policies, and some regions have strengthened the control over over-the-counter trading and cross-border capital flows. These measures may have far-reaching impacts on ETH trading activities.

Overall, the ETH market is facing tests from multiple factors including technology, economy, and policy. Investors need to closely monitor the changes in these influencing factors and remain cautious and rational when making investment decisions. Although the market may continue to fluctuate in the short term, in the long run, Ethereum, as the main platform for decentralized applications, still has promising development prospects.