#美SEC和CFTC加密监管合作# Ethereum failed to hold the important psychological level of 4000 USD, causing concern among many investors, with some even suspecting that this is the result of market manipulation.

However, from a rational analysis perspective, this pullback is actually a normal and healthy market adjustment. Looking at Ethereum, it started from $2111 in June and soared to nearly $5000; this adjustment after such a rapid rise actually demonstrates the market's self-correcting ability.

Like any financial market, prices cannot continuously rise in one direction; adjustments and fluctuations are inevitable. Although there has been a recent pullback, Ethereum's long-term target still points to the $5000 mark, and this outlook has not changed.

From a technical perspective, investors should pay close attention to key support levels such as 3900 and 3650, with the final important defense line being around 3350.

It is worth noting that as the volatility of mainstream cryptocurrencies intensifies, the market focus may be shifting towards the alpha sector. Among these small-cap projects, there are numerous cases of assets that have seen dozens or even hundreds of times in gains, such as standout assets like $M and $MYX.

Of course, investors should remain vigilant and rationally view any "certainty" of high return expectations in the market, adhering to the principles of risk management. Any investment decision should be based on a thorough understanding and individual risk tolerance.

In the short term, projects such as ASTER, BNB, HEMI, AVAX, and AVNT may be worth paying attention to, but investors should conduct independent research and not follow the crowd blindly.