Last night, the Fed's statement of "increased expectations for a rate cut in September" ignited the entire cryptocurrency market.

ETH surged to around 4888, breaking new highs. But be aware, the market is never a one-way straight line; after a sharp short-term rise, it must correct to confirm.

From the chart, ETH's recent high was at 4888, followed by a quick pullback, and it is currently oscillating around 4720.

Looking at the Fibonacci retracement, 4740-4620 is the first support zone. If it cannot hold, the next step is likely to retrace to 4540 or even 4360. This also reflects the natural rhythm of market sentiment cooling from overheating.

However, I want to remind everyone not to focus solely on short-term candlesticks. The expectations for a rate cut bring about mid-term liquidity easing expectations, and the valuation logic in the cryptocurrency space will be repriced.

So in a big-picture sense, Ethereum has not finished its journey. A retracement is like a temporary toll booth on the highway, briefly forcing retail investors to exit, but the main convoy has not stopped at all; once the profit positions are digested, it’s only a matter of time before it challenges 5000 again.

On the operational level, seasoned investors know the saying: "It's easy to see the right direction, but hard to hold on." Don't panic during short-term pullbacks, especially in the 4620-4540 range; as long as it doesn't effectively break below, these are potential entry points.

But if you have heavily invested in contracts, be cautious here; don't let a single retracement candle sweep you into a stop-loss.

In summary: short-term washout and oscillation are inevitable, but the mid-term trend remains upward; the logic of this ETH bull market has not changed. Be patient, the market has just begun.