Ethereum (ETH) has recently performed strongly, with prices continuing to rise, currently surpassing the $4,600 mark to reach a trading price of approximately $4,674. This pump has pushed ETH to its highest point since early 2022, nearing the weekly resistance level of $4,869.

Market participants are closely watching the sustainability of this upward trend. Whether the bulls can continue to push prices higher or if they will encounter resistance at the current position and see a pullback has become the focus of traders.

From a technical perspective, Ethereum has broken through the key resistance level of $4,092, and this breakout has formed a clear "character change" (CHoCH) on the daily chart, further confirming the current pump trend. However, there is still some distance to the weekly resistance level of $4,869, which may become an important test for price rise in the short term.

Currently, multiple technical indicators show that the market is in a strong position. The Directional Movement Index (DMI) indicates that bulls are in control, while the Average Directional Index (ADX) suggests a strong trend. The Volume Weighted Average Price (VWAP) indicator also supports the current pump trend, with upper and middle levels at $4,656.09 and $4,626.03, respectively.

However, investors should also be aware of potential risks. After such a rapid pump, the market may experience short-term adjustments. $4,540 (Keltner indicator upper band) and $4,386 (super trend support) may become important support levels.

Overall, Ethereum's performance has garnered significant attention in the cryptocurrency market. As prices approach historical highs, market sentiment is buoyant, but it also comes with higher volatility risks. Investors need to consider market trends, technical indicators, and potential risk factors when making investment decisions.