The current price of Ethereum (#加密市场回调 ) is $4,600, which is approximately 3.9% down from the recent high of $4,788, indicating a technical correction rather than a trend reversal. The daily chart shows a "bearish engulfing" pattern, but the bearish pressure is limited, with strong support around $4,450, and the overall market is still in a healthy adjustment phase. On-chain data shows that whales are buying on dips while retail investors are selling. The ETH/BTC exchange rate has risen by 4% in the last 24 hours, and signs of capital rotation to altcoins are beginning to appear. While the technical outlook is under pressure in the short term, the long-term bullish logic remains unchanged. If the support range of $4,400-$4,500 holds, there is hope for a challenge of the historical high of $4,868.