Ethereum (ETH) has recently shown impressive performance, especially during the strong rise over the National Day holiday. However, as the holiday came to an end, a pullback occurred, and the current price has dropped to around $4450. This level is within an important trading range, with the lower limit at $4210 and the upper limit at $4640.

Technical indicators show that there is a gap below the Bollinger Bands, while the RSI has entered the oversold area on the hourly chart. Given the current market conditions, it is not advisable to rush into the market. Investors should closely monitor the key price level of $4500, as it will become an important resistance level in the short term. On the other hand, $4320 may become the next major support level.

For investors intending to participate in trading, the following strategies can be considered:

1. If ETH cannot firmly hold above $4500 on the two-hour chart, consider opening a short position, with a target price of $4320.
2. Conversely, if ETH can stabilize around $4500 and the RSI indicator shows signs of warming up, then one could consider opening a long position, with a target price of around $4640.

It is worth noting that the $4300 to $4400 range has formed a chip vacuum zone during the consolidation over the past month. This area may become the focus of market attention. However, considering the current market situation, investors are advised to mainly pay attention to the two key price levels of $4320 and $4500.

If ETH breaks below $4320 and the 15-minute candlestick chart cannot quickly recover that position, then the next important support level may be around $4200. In this case, for long-term investors optimistic about the prospects of Ethereum, $4200 may be a buy opportunity worth considering.

Overall, Ethereum is currently in a critical price range. Investors should closely monitor market trends and make informed decisions based on their risk tolerance and investment goals. Whether for short-term trading or long-term investment, it is essential to carefully assess market risks and use stop-loss strategies wisely to protect one's investment capital.