ETH surged 16% overnight, breaking the December 2021 high of 4868 and setting a new record. Such a nightly increase is rare this year; catching one market movement can easily sustain you for a whole year.

In the 4200-4800 range, there's no resistance, allowing for a smooth upward push. After 4800, pressure gradually increases, with very strong sell pressure at 4880. A long upper shadow doji formed on the 4-hour chart. Bottom spot positions above 4800 are being handed over to those chasing highs, and the market can't absorb the sell pressure leading to a pullback.

The current pullback is healthy, with no obvious FOMO sentiment, and many are missing out. Watch for support at 4620-4570 and look for opportunities to go long.