The Ethereum (ETH) market has once again caused a sensation, with prices surging by 500 points in just one hour, approaching the $4800 mark. This breakthrough rise has not only attracted widespread attention from investors but also brought new reflections to the market.

From a technical perspective, ETH has broken through the upper Bollinger Band at $4774, demonstrating strong upward momentum. However, this area may also become a resistance, and investors should closely follow the mid-band support level at $4389. Meanwhile, the MACD indicator has shown a golden cross, and the histogram has significantly increased, further confirming the strength of the bullish trend.

On-chain data also conveys positive signals. In the past 24 hours, over 120,000 ETH has flowed out of exchanges, suggesting that large funds may be making significant purchases around $4060, shifting capital from trading to long-term holding. This behavior pattern often indicates that market participants have confidence in the future trend of ETH.

The successful testing of the Cancun upgrade is undoubtedly one of the important factors driving this round of rise. This upgrade is expected to optimize Layer 2 solutions and reduce Gas fees, which may attract more institutional investors into the market. In addition, Bitcoin's breakthrough of the $60,000 mark has also boosted the overall risk appetite of the cryptocurrency market, making ETH a favored investment target.

For investment strategies, aggressive investors may consider building positions near the support level of $4389-$4400, while closely monitoring the changes in the MACD indicator. Conservative investors, on the other hand, should avoid chasing highs and patiently wait for a pullback to confirm support before entering the market.

It is worth noting that the current market may be in an overbought state, and investors should remain vigilant to avoid blindly chasing the rise. The future price trend of ETH will be influenced by multiple factors, including but not limited to overall market sentiment, changes in regulatory policies, and the macroeconomic environment.

In this wave of rapid rise, rational analysis and risk management are particularly important. Investors should combine technical analysis, fundamental research, and market sentiment to develop an investment strategy that suits them to cope with this cryptocurrency market full of opportunities and challenges.