From the technical indicators of the ETH/USDT 4-hour chart:

Short term (within a few hours), the downtrend continues: MACD shows a death cross, and the green energy bars appear, indicating that bearish strength is starting to exert; in the KDJ indicator, the J value is negative, and the K value crosses downwards through the D value, overall leaning bearish. The price is likely to continue to test the support strength of the lower bound at 3524.38. However, the RSI (6) is at 30.01 in the oversold range, which may result in a brief small rebound correction, but the rebound height is limited and unlikely to change the short-term downtrend.

Within a day, it may oscillate or seek a bottom: if the price drops to the lower bound of 3524.38 for support, it may oscillate and consolidate in the range of 3524.38 - 3697.29 (middle track). If the MACD death cross persists, there is still a possibility of further downward movement after the oscillation; if the lower support fails, the price will further drop near the previous low. However, if there are significant positive news stimuli during this period, or if buying pressure increases significantly, it may also reverse the downward trend, approaching the middle track or even the upper track.

Overall, the short-term outlook is bearish. It is recommended that investors be cautious in their operations. Those holding long positions may consider reducing their positions during a rebound to stop losses, while short positions can continue to be held and monitored. Those without positions should try to wait for a clearer trend before taking action.