Recently, the price of Ethereum (ETH) has experienced a pullback, sparking heated discussions in the market about its future trend. Some believe that ETH has peaked, predicting that the price may fall to $3000 or $2000. However, based on historical data, ETH was close to a high of $4730, just about $170 away from its all-time high, which is equivalent to a rise of around 4%.

Market participants need to be aware that over the past four years, the price trend of ETH seems to gradually digest the locked positions from the previous bull market. This pattern often indicates the potential to break through historical highs. The current pullback may be a market adjustment before the breakout, rather than the beginning of a long-term fall.

From a technical perspective, there is still a possibility that ETH will break through $4900 and create a new historical high. For investors holding spot, it may be wiser to maintain patience and a long-term perspective. Market volatility is the norm, but short-term price fluctuations should not be over-interpreted.

It is worth noting that institutional investors' interest in ETH seems to be increasing. This may be due to the technological advancements of the Ethereum network, the expansion of application scenarios such as DeFi and NFTs, and the potential impacts brought by upgrades like Ethereum 2.0.

Overall, although the price of ETH may continue to fluctuate in the short term, its fundamentals and market structure seem to still support an upward trend in the long run. Investors should consider technical analysis, fundamental factors, and their personal risk tolerance when making decisions.