Ethereum (ETH) has climbed back to around $4750 after a high-level pullback last night. It is now less than 100 points away from its all-time high of $4880, and the market atmosphere is becoming increasingly tense.

At the key level near $4800, selling pressure may significantly increase. However, if the main funds choose to exert their strength at this time, the possibility of breaking through the historical high should not be overlooked. Investors need to closely monitor the trend in this key range.

If ETH fails to break through the historical high, the possibility of a pullback increases. In this case, 4500 dollars will become an important support level. As long as the price does not fall below this level, the bulls still have a chance to regain control.

In the short term, $4800 and $4880 are the main resistance levels that ETH needs to face. On the downside, $4700 and $4600 are important support levels. Market participants should closely monitor these key price levels to adjust their trading strategies in a timely manner.

As the price of ETH approaches its historical high, market volatility may further intensify. Whether bullish or bearish, one needs to remain vigilant and manage risks effectively. The outcome of this tug-of-war between bulls and bears will largely determine the direction of ETH in the short term.