Ethereum's price has recently performed impressively, successfully breaking through and stabilizing above the 4120 USD mark. From a technical perspective, it is currently in a second confirmation phase on the 4-hour chart. Notably, within the range of 4120 to 4800 USD, 4375 USD is the only significant resistance level. Today's pullback reminds one of the spike and drop on May 12, 2021, which occurred at the peak of the bull run.

However, the current market environment is vastly different from the past. Institutional investors continue to make significant purchases at high prices, demonstrating strong confidence in the future development of Ethereum. If capital intends to completely ignite market enthusiasm, breaking through historical highs will be an inevitable path.

Investors need not overly worry about high position risks in the current market. The main players may attempt to induce retail investors to short sell, but a wise strategy is to remain calm. Personally, I choose to hold my base position long-term while leaving a portion of funds for flexible short-term trading.

In this market full of opportunities and challenges, rational analysis and flexible responses will be the key to victory. With institutions continuously entering the market, the long-term development prospects of Ethereum remain bright. However, investors still need to operate cautiously and manage risks appropriately in order to seize opportunities in this potential wave of upward momentum.