The Ethereum (ETH) market has shown an interesting trend today. From a long-term perspective, the daily chart indicates a continuous pump, with prices consistently breaking historical highs and staying above the moving averages, which undoubtedly demonstrates a strong rise trend. However, investors need to be cautious, as it is common for there to be a pullback correction after breaking the highs; this is a natural law of the market.

In the short term, the hourly chart shows that ETH is in a state of oscillating upward. Although the price is at a high level, technical indicators have shown an overbought condition, which means that the momentum for a significant rise in the near future may be limited. Investors should closely monitor the potential pullback trend.

For day traders, the current strategy recommendation is to be cautiously bearish. Consider establishing a short position around the 4785 area, with a stop loss set at the 4820 area, and the target price can focus on around 4705. However, once a pullback occurs, be ready to switch to a long strategy.

It is worth noting that around 4620 may become an important support level. Investors need to comprehensively consider market dynamics when formulating trading strategies, combining analyses from multiple time frames, and constantly monitoring market changes to adjust strategies in a timely manner. In this highly volatile market, precise entry timing and position selection will be key to successful trading.