Ethereum (ETH) is currently preparing to break its historical high of $4800. Analysis shows that before reaching this milestone, ETH may experience fluctuations around $4400. During this process, a key pullback is also expected.

Market observers believe that under normal circumstances, the pullback range could fall between $4420 and $4460. If the market develops according to this expectation, most altcoins are unlikely to experience a severe drop below support levels. They are expected to operate above the lows of the previous adjustment and show strong momentum respectively as Ethereum rises.

However, there is also uncertainty in the market. If the pullback of ETH exceeds expectations, falling below $4400 and entering the $4300 range, the cryptocurrency market may find itself in a situation of searching for support and consolidating in the short term. This scenario is relatively unfavorable for alternative coins, which may lead to many coins rapidly dropping to near historical low positions, forming a double bottom pullback pattern. In particular, some newly issued tokens may even set new lows.

It is worth noting that there is a certain correlation between market trends and macroeconomic data. Recent economic indicators may impact the cryptocurrency market. Meanwhile, the performance of Bitcoin (BTC) is also a focal point of market attention, and its price movements may affect the entire cryptocurrency ecosystem.

Overall, investors should closely monitor the price movements of ETH, as they may indicate the short-term trends of the entire cryptocurrency market. At the same time, it is important to be cautious of potential severe fluctuations and to manage risks accordingly.