Recently, the rush to buy Ethereum has been incredibly intense, but this is not a good thing; instead, it seems more like a signal that a bear market is approaching. Looking back at the past, every time there has been such a frenzy to buy Ethereum, it has mostly been followed by a significant drop. Moreover, Ethereum has always played a role as a barometer in the cryptocurrency space, and its price movements often indicate how the market will move next.
In the short term, the market is likely to experience fluctuations at high levels, or it may simply start to adjust. Therefore, blindly chasing the price up at this moment carries significant risks.
From a technical perspective, considering the recent price range and key support levels, it is now more appropriate to look for high points to short, rather than rushing to go long. Specifically, if the price surges near 4480, one might consider shorting. The first target would be 4350, which is the lower edge of the previous fluctuation range and provides some support. If it continues to fall below that, the next target could be 4200, which not only serves as a key retracement level for this upward move but also has short-term moving average support, making its technical significance quite strong.
