The recent price movement of Ethereum (ETH) has attracted attention. From a Technical Analysis perspective, the 4-hour Bollinger Bands for ETH indicate that, despite a short-term pullback, the middle band still provides solid support. Previously, ETH climbed along the upper band, demonstrating a strong momentum foundation for long positions.

The current pullback from $3849 to $4794 seems more like a consolidation rather than a trend reversal. Currently, the ETH price is close to the middle band of the Bollinger Bands, which may provide investors with a good opportunity to buy at a lower price. As a leading project in the public chain sector, Ethereum has advantages both fundamentally and technically, which provides double support for its future price movement.

Based on the current market situation, ETH may break upward again. Investors can consider establishing long positions in the range of $4530-4490, with a target price set around $4600. However, it is important to note that the cryptocurrency market is highly volatile, and investors must manage risks effectively by setting reasonable stop-loss positions.

It is worth mentioning that the U.S. Producer Price Index (PPI) for July recently exceeded expectations, which may have some impact on the entire cryptocurrency market. At the same time, we also observed that other major cryptocurrencies such as Bitcoin (BTC) and Binance Coin (BNB) have also reached new highs, demonstrating the strong momentum of the overall market.

Overall, although there may be fluctuations in the short term, the medium to long-term outlook for Ethereum remains positive. Investors should closely follow market trends while seizing opportunities and carefully managing risks.