Looking at the chart of Ethereum on the 4-hour time frame we can see that Ethereum is fighting to regain the 2.618 Fib level as support, similar to Bitcoin trying to regain the $47,410 level.
This chart has been difficult to read for the past month, but seems to be a clearer picture now with what they're trying to do and that is accumulation. They're stopping out over-leveraged longs and stop losses before the big pump, reversing it unexpectedly when everyones out of the market.
If Ethereum can close over this 2.618 Fib level and regain it as a level of support, its going to break free of $3,927 and reverse back upwards to the $4,339 - $4,388 distribution zone.
As always please do your own research, I am not a financial advisor.