Ethereum's short-term technical indicators show that the bearish pressure has not been fully released, but there are signs of stabilization. The MACD on the hourly chart is below the zero line, with the green bars beginning to converge, indicating that bearish momentum is weakening; the RSI indicator is gradually approaching the oversold boundary, suggesting a potential short-term rebound window. Regarding moving averages, the short-term EMA remains in a bearish alignment, but the medium-term moving averages have gradually flattened and show an upward turning point, implying that a support base is being built for the medium to long-term trend. Overall, the market is in a transitional phase between short-term adjustment and medium-term recovery, with a possibility of structural changes in technical aspects.