Ethereum (ETH) has recently experienced a significant price fluctuation. After falling from a high of $4460, ETH found strong support at this key support level, and then launched an impressive rebound, pushing the price up to around $4666. This level is just near the bottom of $4669 formed during the previous downtrend.

However, the resistance around $4666 seems to be slightly strong, and ETH failed to hold at this level, immediately starting the second wave of fall. This pullback found support, exactly at the high point of the previous rise on the 4-hour chart.

The next trend will depend on whether the key level of $4460 can be maintained. If it stabilizes here (based on a daily close at 8 PM), we can consider that this significant pullback at the 4-hour level has ended. Conversely, if $4460 is lost, ETH may begin a third wave of decline, targeting the previous high's 61.8% retracement level around $4166.

It is worth noting that there is an unfilled gap in the futures market within the range of $4100-$4188. Combining technical analysis and market structure, this range may provide an attractive setup opportunity for bulls. If positions can be established within this range, investors may have the chance to capture a substantial rebound.

In the current market environment, investors should remain vigilant, closely monitor the performance of key price levels, and adjust strategies in a timely manner based on market changes. At the same time, it is also important to control risks and set reasonable stop-loss levels to cope with potential further falls.