Ethereum (ETH) recent trend has attracted market attention. According to the analysis of wave theory and Fibonacci pullback levels, ETH seems to be at a critical technical position. The decline from 3794 to 3364 may constitute a simple ABC three-wave adjustment pattern, and the current rebound could be the X wave in a larger structure.

According to the Fibonacci pullback levels, the potential target resistance levels for this Rebound are 4528 (0.382 pullback), 4579 (0.5 pullback), and 4629 (0.618 pullback). For investors who have already established long positions, it may be advisable to moderately reduce their positions around 4570 to manage risk.

However, the subsequent market development path needs to be further analyzed based on the intensity of this rebound. The strength of the rebound will determine whether the subsequent market will evolve into a double zigzag adjustment, a triple zigzag adjustment, or a more complex combined adjustment (such as double three waves or triple three waves).

It is worth noting that while Elliott Wave Theory provides us with an analytical framework, the actual market movements are often more complex than the theory suggests. When making decisions, investors should consider not only technical analysis but also fundamental factors and the overall market environment.

For investors interested in delving deeper into learning, understanding the various classifications and characteristics of adjustment waves will help to grasp market trends more comprehensively. This not only improves analytical accuracy but also aids in developing more targeted trading strategies.