The price of Ethereum (ETH) broke through the $4300 mark on August 11, attracting widespread attention in the market. Analyzing from multiple perspectives, ETH is expected to continue its upward momentum in the coming days, but investors should also be wary of potential pullback risks.

From a technical analysis perspective, ETH is currently showing strong upward momentum. The 4-hour chart indicates that the ETH price is firmly above several important moving averages, including EMA20 (3749 USD), EMA50 (3686 USD), and EMA100 (3623 USD). The Bollinger Bands indicator is widening, and the price is close to the upper band, further confirming the current strong trend.

In terms of market sentiment, the options trading volume surged by over 131%, reflecting a generally optimistic attitude among traders. Although the short-term RSI indicator has retreated from the overbought region, it still remains at a relatively high level, indicating that the upward momentum has not been completely exhausted. The MACD indicator, although showing a degree of convergence, is still in the positive range, suggesting that bullish strength remains dominant.

Fundamental factors also provide strong support for the price of ETH. The continuous growth in institutional investor demand, along with the recent trend of net inflows into spot ETH ETFs, has reduced the circulating supply in the market. Meanwhile, the steady growth of ETH staking activities further locks in some liquidity. The upcoming Ethereum "Dencun" network upgrade is highly anticipated, expected to significantly lower transaction costs on Layer-2 networks, which may attract more users to participate in the ecosystem, thereby providing long-term support for the price of ETH.

However, investors should not overlook the short-term risk of a pullback. Considering that ETH has already achieved an approximately 50% increase in July, the market may face profit-taking pressure. In addition, external factors such as overbought conditions in technical indicators, changes in macroeconomic policies, or geopolitical situations may trigger rapid adjustments in prices.

Overall, although ETH is currently showing strong momentum, market participants should remain vigilant, closely monitor changes in various indicators and the external environment, and implement effective risk management. While seizing potential upward opportunities, one should also be prepared for possible pullbacks.