Recently, the price of Ethereum (ETH) has been fluctuating around $4700, seemingly reaching a short-term pump ceiling. This wave of rise is mainly due to the cumulative effect of previous favourable information, leading to a generally bullish market sentiment. However, the current price has quickly surged to a relatively high level, which may lack further upward momentum.

From a technical perspective, ETH has repeatedly tested this price range but has consistently failed to break through effectively, which may indicate that the upward momentum is weakening. Considering the high volatility characteristics of the cryptocurrency market, it is possible that a pullback may occur next.

Investors should remain vigilant and closely monitor market trends. Overly optimistic market sentiment is often a dangerous signal, which may indicate that a price pullback could occur in the short term. In this case, some investors may choose to take profits, thereby triggering a certain degree of correction.

However, in the long term, Ethereum, as the leading smart contract platform, still has strong fundamentals. With the continuous expansion of application scenarios such as DeFi and NFTs, the value of the Ethereum ecosystem is still expected to continue to grow. Therefore, even if there may be adjustments in the short term, long-term investors should still pay attention to its future development potential.

In any case, investors should act cautiously, manage risks well, and avoid blindly chasing highs when market sentiment is rising. At the same time, be vigilant about potential short-term correction risks.