The price movement of Ethereum (ETH) has formed a clear channel, worth following closely by investors. Currently, the price of ETH has risen above the channel, and a pullback may occur around $3700 or $3750.

From a technical analysis perspective, ETH is currently in the second wave pullback phase of a three-wave downward pattern, while Bitcoin (BTC) has entered the third wave. This price movement suggests that BTC is unlikely to fall below $11,500 in the short term, and at the same time, ETH is also unlikely to break through its previous all-time high. If ETH were truly to continue its prior independent market trend, it would have likely already surpassed the previous high and would not be waiting until now.

Looking ahead, the price movement of ETH may develop as shown in the figure. Meanwhile, BTC is likely to continue consolidating for a period within the current range. Investors need to fully consider these technical factors when formulating trading strategies to avoid blind operations that could lead to unnecessary losses.

It is worth noting that the cryptocurrency market is volatile, and investors should remain vigilant, always following market trends and adjusting their investment strategies in a timely manner. At the same time, it is important to recognize that technical analysis is only one of the reference factors for decision-making, and a comprehensive market analysis should also take into account fundamental factors and the macroeconomic environment.