Recently, the Ethereum market has attracted the attention of many investors. After retreating from a high of $4794, many believe this is just a regular correction. However, upon deeper analysis of the market trends, we can identify some details worth noting.

At the beginning of August, Ethereum experienced a strong surge, with the moving averages noticeably widening, and the trend was smooth. However, after reaching a high of $4794, concerning signals appeared: trading volume significantly increased, but the subsequent upward momentum was insufficient. This "increased volume with stagnant price" phenomenon is often seen as a sign of a potential local top, which may suggest that large funds are gradually reducing their holdings at high levels.

Currently, the price has fallen below the short-term moving average, indicating a significant adjustment. The 10-day moving average shows a downward pressure, suggesting that this round of adjustment is not a small-scale fluctuation. From the perspective of trading volume, the recent decline has been accompanied by an increase in trading volume, while the volume shrinks during the rebound, which is a typical characteristic of a bearish market.

However, considering that Ethereum has risen from around $2500 to $4794, the increase has been quite significant, and even if it enters an adjustment period, it is unlikely to happen all at once. Currently, investors should closely monitor two key support levels: first, the previous platform at the $4200 range, and second, the important psychological level at $4000. As long as the price can hold above $4000, the overall trend can still be viewed as a strong adjustment. However, if it falls below $4000, it may form a double top pattern, and the market may face greater pressure in the future.

The author believes that the market may experience further corrections in the short term, as large funds might be attempting to clean up some of the chips bought at high prices. However, as long as the price can stabilize in the range of $4200-$4000, there is still a possibility of迎来新一轮上涨. On the contrary, if the market provides an opportunity for low-level buying, that might be the real moment worth seizing.

At this time, whether rushing to buy at the bottom or hastily cutting losses, neither is a wise move. Experienced investors usually wait for clear signals at key price levels before taking action. Just like on the battlefield, it is unwise to strike recklessly; instead, one should patiently wait for the opponent to reveal a flaw before delivering a decisive blow.

Overall, the market will eventually favor those participants who are patient. In this uncertain Ethereum market, maintaining a calm observation and waiting for the best opportunity may be the best strategy at present.