The current market conditions of Ethereum (ETH) show a clear dominant logic, leaning towards a short positions mindset. Analysis indicates that ETH has recently failed to break through previous highs, suggesting a potential entry into a pullback phase, continuing the prior downward trend. This phenomenon provides key evidence for the current short positions strategy.

Market participants should closely monitor two key price levels: 4750 as a significant resistance level, and 4360 as the support level. If ETH rebounds to around 4750, it is expected to encounter strong resistance; while if it dips to 4360, it is necessary to assess whether this level can provide temporary support, but the overall short positions direction will still be maintained.

In terms of operational strategy, investors do not need to wait excessively for a significant pullback. As long as there are signs of a slight rebound in the market, short positions can be considered. It is worth noting that regardless of the subsequent strength of the rebound, as long as it does not break through key resistance levels, the main short strategy should be maintained. This strategy helps to avoid the impact of short-term fluctuations on the overall operational rhythm.

It is worth mentioning that although the current market leans towards short positions, investors still need to remain vigilant and closely monitor market changes. Global macroeconomic factors, regulatory policy changes, and advancements in blockchain technology can all have a significant impact on ETH prices. Additionally, making reasonable use of risk management tools, such as setting stop-loss levels, is also an important means to ensure trading safety.

Overall, in the current ETH market environment, adopting a cautious short positions strategy seems more prudent. However, the cryptocurrency market is ever-changing, and investors should be ready to adjust their strategies based on new market signals.