Ethereum (ETH) has recently attracted attention due to its price movements. From the hourly chart perspective, the previously formed triangle pattern has been broken, but it is worth noting that the trading volume during the breakout was not significant, which may suggest doubts about the validity of the breakout.

Currently, ETH is facing the key resistance level of $4701. This level is precisely the high point after the recent decline and rebound, and if it cannot break through, the possibility of ETH continuing to rise will be greatly reduced. From a more macro perspective, it is quite normal for ETH to pull back by $500-600 after rising from $3500 to $4800, which reflects the natural adjustment process of the market.

On the technical side, $4650 is an important observation point. If it can break through this level with strong Trading Volume support, it may attract more buying interest. Conversely, if $4621 is strongly broken, it may trigger further selling pressure. Investors should closely monitor these key price levels and adjust their strategies in a timely manner based on actual trends.

From the 4-hour level, $4605 is a key support level. If this position is broken and cannot be quickly reclaimed, it may lead to further declines to the $4562-$4502 range. It is worth noting that a high-level doji pattern has appeared on the 4-hour chart, with a corresponding price of $4652. Breaking through this level may pave the way for further upward movement.

However, the gradual decrease in trading volume during the recent rise is worth noting. A rise on decreasing volume is usually hard to sustain, and the market needs new incremental funds to push prices through important resistance levels. Only with an increase in volume can ETH potentially break through the current range and initiate a new round of increases.

Finally, investors should also pay attention to the upcoming retail data, as this economic indicator may affect short-term market trends. In the current market environment, it is particularly important to remain vigilant and strictly implement stop-loss strategies.