Ethereum has recently pulled back, with many calling for bearish targets of $3000 and $2000, believing that the market has peaked. However, in reality, ETH had previously risen to around $4730, just 170 points shy of its all-time high, a distance of less than 4%.

After four years of adjustment, the trapped positions from the previous bull market have mostly been resolved, and the trend clearly points towards a new high. The current pullback resembles a consolidation before a breakout, and there is a high probability of breaking through $4900 and setting a new historical high. Spot holders need not panic; just maintain their positions and avoid being shaken out by the volatility.