Currently, Ethereum has reached around 4650, a near-term high, and it looks very energetic, potentially breaking through the historical high and riding the momentum to the psychological barrier of 5000. However, historical highs and the psychological barrier of 5000 are not typically straightforward to surpass based on historical experience. The reason is simple: it's not that there isn't the strength to break through, but rather that the topics and fundamentals that can be speculated in the crypto space are inherently limited. Big players in the market will also take advantage of these important levels to create some movements, so if it were to pass easily, wouldn't it waste the precious ingredients that took years to accumulate? Therefore, as the previous high approaches, the closer it gets to that final moment, the more cautious one must be.

The logic of the key level game:

1. The historical high itself is a natural psychological resistance, and many short-term funds will take profits in advance.

2. The rounded number of 5000 is a stronger psychological expectation level, and often accompanied by increased volatility and false breakouts during the assault.

3. If the main force directly pushes through in one go, it loses the opportunity to create volatility and turnover, so it is more likely to follow the script of "false breakout - pullback - true breakout."

Therefore, extra attention should be paid to trading volume in this range. Based on historical experience, when approaching key levels, it is often accompanied by a rapid increase in trading volume. However, if the volume does not cooperate, it can easily lead to a "high pullback" trap.