Ethereum (ETH) peaked at 4641, then quickly retraced to around 4610, currently stabilizing at around 4630. Many are asking: should we chase long here, or will there be a pullback?
Rise and pullback rhythm:
The rise to 4641 was driven by short-term capital, followed by a quick pullback to 4610, indicating clear selling pressure above.
The pullback did not break through the key support (4600), indicating that the bulls' support strength remains.
Support and resistance levels:
4600–4610: Strong short-term support level; a break below could trigger a second dip.
4650–4680: Resistance zone above; if it breaks through with volume, the next step will target 4700+.
Indicator signals:
RSI is at a high level, indicating some overbought risk.
However, the volume cooperation is still good, indicating that capital has not fully retreated.
Short-seller pullback probability points:
The rapid rise creates profit-taking pressure technically.
The risk of Bitcoin pulling back at a high level is not eliminated, and ETH will likely follow.
Bullish logic (continuation of upward probability points)
4600 has validated support, indicating strong bullish defense.
The capital still leans bullish; if it can break through 4650–4680, it will open up new upward space.
Short-term operations:
Near 4600, one can try to enter a long position with a light position, placing a stop-loss below 4580; if the price stabilizes above 4650 again, one can increase the position accordingly, targeting 4700–4750.
Bearish thoughts:
If it is continuously blocked at 4650–4680 and fails to break through, and then breaks below 4600 again, short-term bears will be confirmed, with a potential dip to 4550–4520.
Currently, Ethereum is in a high-level consolidation, with balanced long and short forces; however, from the perspective of capital support and strength, the bulls have a slight advantage.
If it holds above 4600 in the short term, it is likely to continue to oscillate upwards;
If it breaks below 4600, the probability of a short-term pullback increases.
A prudent approach: do not chase highs, buy on dips, and set proper stop-losses.
