Currently, Ether has reached around 4650, a new high in recent years, and it looks very energetic, ready to break through the historical high and push towards the psychological barrier of 5000. However, historical high points and the psychological barrier of 5000 are not usually passed smoothly, based on historical experience. The reason is simple: it’s not that there isn’t enough strength to make it over, but rather that there aren’t many topics and fundamentals in the crypto world that can be speculated upon. Market manipulators and Large Investors will also use these important positions to stir things up. If it passes easily, wouldn't it waste the valuable resources that have been accumulated over several years? Therefore, as the previous high approaches, it becomes increasingly important to be cautious, especially when it seems like the last push could get it over.

The game theory of key levels:

1. The historical high itself is a natural psychological barrier, and many short-term funds will take profits in advance at this point.

2. The round number of 5000 is a stronger psychological expectation level, often accompanied by increased volatility and false breakouts during the impact process.

3. If the main force pulls it over in one go, it will instead lose the opportunity to create fluctuations and turnover, so it is more likely to be the script of "false breakout - pullback - true breakout."

So in this range, it is important to pay extra attention to trading volume. Historically, when testing key levels, it is often accompanied by a rapid increase in trading volume. However, once the volume does not cooperate, it is easy to fall into the "high pullback" trap.