Recently, Ethereum has shown strong pump momentum, with the current price breaking through the upper band resistance of the Bollinger Bands. This breakthrough indicates a high bullish sentiment in the market, but it may also trigger short-term pullback risks.

From a technical analysis perspective, there is pullback pressure in the short term. A evening star pattern has appeared on the daily chart; although the price is still rising, it is being suppressed by the upper band on the daily chart. The RSI indicator is nearing the overbought area in the medium to long term, but it has not fully entered, indicating that there is still some room for the market to rise.

However, investors need to be cautious of the potential double top formation. If the price pulls back below $3860, it is likely to form a double top, which would increase the probability of further declines. In this case, the price may retreat to the range of $3720-$3750.

For trading strategies, consider establishing short positions around the $3900 level, with target price set in the $3860-3850 range. If the price breaks below the support level, the next target area may be around $3810-3780.

It is worth noting that market fluctuations may be influenced by various factors, including but not limited to changes in macroeconomic policies and geopolitical events. Investors should take into account various factors when formulating trading strategies and always pay attention to market dynamics.