Ethereum (ETH) is currently oscillating around $4700, showing a trend of rising with decreasing volume. However, the technical indicators are beginning to show overbought signals, and investors need to be wary of potential pullback risks.

Market analysis shows that $3636 is the balance point of bullish and bearish forces. If the price pulls back to this level, it may present a low-price buying opportunity. The range between $3600 and $3750 forms a strong support zone, and if a sharp drop occurs, it is likely to trigger a rebound in this area.

It is worth noting that the trading volume above $4,700 is relatively sparse. If ETH can break through this price level, it may accelerate its pump. However, as the current price is close to the top of the range, investors need to be cautious of the potential for a false breakout. In the range of $4,536 to $4,555, buying power is dominant; but around $4,775, the number of sell orders is 2.4 times that of buy orders, indicating that this high level faces strong resistance.

From a technical indicator perspective, the current price deviates by about 14% from the 200-day moving average (4129 USD), indicating that the short-term market may be overbought, and the probability of a pullback is increasing. The upper band of the Bollinger Bands on the 1-hour chart is at 4771 USD, and if the price touches it and then pulls back, it could retrace to the middle band at 4660 USD.

In the futures market, the open interest has slightly decreased, the funding rate remains stable, and there has not yet been a surge of bullish sentiment; the overall market is tending towards caution.

For trading strategies, aggressive investors may consider taking a light long position in the range of $4683 to $4692, with a stop loss set at $4650 and target prices at $4775 or $4830. If ETH can break out with volume and stabilize above $4775, additional long positions may be considered, targeting $4830 to $4850.

Relatively conservative investors can wait for ETH to stabilize with reduced volume in the range of 4619 to 4637 USD before entering the market, with a stop-loss set at 4590 USD.

In terms of risk control, if ETH falls below $4619, it may turn into a bearish market, with the next support level at $4555. For liquidity providers, it is recommended to set up grid trading between $4600 and $4750 to capture profits from the range fluctuations.

Regardless of the strategy adopted, investors should closely monitor market trends, manage risks appropriately, and adjust strategies in a timely manner.