The 4-hour ETH chart shows intensifying bullish-bearish contention, with bears holding a short-term advantage. The battle for key levels will significantly impact future price direction.

The MACD indicator signals a clear bearish trend, with a death cross forming at high levels between the DIF and DEA lines on the 4-hour chart. The histogram is negative and continues to expand, indicating that bearish momentum is steadily building while bullish momentum is fading rapidly. As for the Bollinger Bands, the lower band support at 2972 remains effective, while the upper band has moved down slightly, and the overall channel shows signs of slight contraction, reflecting a short-term consolidation pattern.

Watch for a move down to the 2920 - 2870 range. If support holds and trading volume picks up, the price may attempt a rebound to the 3050 - 3100 range. However, a break above 3100 is needed to ease short-term bearish pressure.