Recently, the Ethereum market has experienced a round of adjustment, but this does not mean that the bull run is over. From a Technical Analysis perspective, the current market situation resembles a phase peak and short-term dumping phenomenon.

The Wave Theory provides us with an interesting perspective. Since the beginning of April this year, the upward trend of Ethereum is likely to conform to the five-wave driving structure. Currently, the market appears to have completed the third wave of the upward movement and is in the fourth wave correction phase. This pattern suggests that after the current correction is completed, the market may welcome the fifth wave of the upward trend.

It is worth noting that market volatility is complex, and investors should remain vigilant and rational. While Technical Analysis provides some insights, the market is influenced by various factors, including the macroeconomic environment, changes in regulatory policies, and technological developments.

For Ethereum holders, the current pullback may provide an opportunity to reassess investment strategies. Long-term investors may view this pullback as a potential buying opportunity, while short-term traders need to be more cautious and closely monitor market movements.

Overall, despite potential fluctuations in the short term, Ethereum's fundamentals remain strong from a longer-term perspective. With the continuous development of blockchain technology and the expansion of application scenarios, Ethereum, as the leader in smart contract platforms, is still expected to play an important role in the future cryptocurrency ecosystem.