Recently, the price of Ethereum (ETH) has found effective support in the range of $4280 to $4170, but the current market trend seems to be merely a technical rebound near this support level. Unlike the previous surge, large institutional investors have not significantly increased their holdings of ETH, and retail investors are also taking a cautious approach, not daring to get on board.

The main driving force behind the current market trend still comes from the futures market. It is worth noting that the price range of $4370 to $4310 has become a key price area for ETH. If ETH cannot hold this area, the market trend may face greater pressure. Once this support level is broken, the likelihood of ETH's price dropping to $4030 will increase significantly.

From the perspective of risk-reward ratio, adopting a defensive short strategy in the current price range may be a relatively reasonable choice. Potential downside target prices may include $4200, $4160, and $4030.

However, investors should remember that the cryptocurrency market is highly volatile, and any trading decisions should be based on thorough research and risk assessment. Market sentiment can change at any time, so it is crucial to continuously monitor market dynamics and fundamental factors.