ETH is currently experiencing a significant pullback after refreshing its historical high points, but the outlook remains positive; 5000 is definitely not the endpoint, and after the adjustment, new highs will inevitably appear.

In the short term, attention should be paid to the resistance situation in the 4670-4700 range, and short positions can be entered around this area.

If the market fails to stabilize, there is still a possibility of retracing to 4300 and forming a second bottom. Therefore, until there is a clear reversal signal, it should be treated as a consolidation and repair market for the time being.