Ethereum (ETH) has begun to show a rising momentum after experiencing a pullback and bottoming out around the $4200 mark. Currently, based on the 1-hour and 4-hour charts, the upward sentiment is gradually being released.

It is worth noting that a long lower shadow has appeared on the 1-hour chart, which usually indicates the possibility of further rebounds and fluctuations. This wave of rebound is likely to gradually consume the downward momentum at the daily level, and the daily trend may welcome an important turning point. Currently, the ETH price is near the middle band of the Bollinger Bands.

From a technical perspective, it is recommended that investors consider a short-term bullish strategy to seize the potential pump in the upper range. Specifically, the support levels to watch below are $4135, $4100, and $4070; while the resistance levels above to pay attention to are $4205, $4230, and $4280.

At the same time, the market is closely watching the competitive landscape in the decentralized exchange (DEX) sector for perpetual contracts, as well as the latest developments regarding the Dogecoin ETF. These factors may have a certain impact on the short-term trend of ETH.

Overall, the current Ethereum market shows signs of a short-term rebound, but investors should remain cautious, closely monitor market changes, and manage risks appropriately.