Ethereum's recent trend has attracted significant attention in the market. It has risen from a low of $1385 to a high of $4788, an astonishing increase of 2.4 times. However, after breaking through the long-term consolidation level of $4000, the market experienced the anticipated pullback.

This pullback is not a signal of market weakness, but rather a necessary adjustment in a bull market. Analogous to mountaineering, a brief rest after continuous climbing is to better continue moving forward. From a technical perspective, the current retracement may be a process of accumulating stronger momentum.

Historical experience shows that similar market behavior is not uncommon. Looking back to 2019, Bitcoin also experienced a pullback of about 30% after breaking through the $10,000 mark, and then began a stronger rising trend. The current trend of Ethereum is quite similar, which may indicate greater rise potential.

From the perspective of support levels, the $3800-$4000 range is key. This area coincides with the weekly EMA21, which has historically been a strong support. As long as the price stabilizes in this range, the current pullback is likely to become a good opportunity for buying low.

It is worth noting that the approval results of the Ethereum ETF at the beginning of September will become the focus of the market. If approved, it will undoubtedly inject strong momentum into the market. This reminds people of the trend after the approval of the Bitcoin ETF in 2020, when Bitcoin broke through $20,000 and after a brief pullback, eventually climbed to a high of $64,000.

In the current market environment, the risks of blind operations are high. Investors should remain rational, follow changes in fundamentals and technical indicators, and formulate reasonable trading strategies. Regarding the bottom position of this pullback, market opinions vary, and it is necessary to consider multiple factors for judgment.