The cryptocurrency market is experiencing a significant correction, with Bitcoin prices falling by approximately 7500 points. The main trigger for this correction is the panic sentiment in the market after Bitcoin fell below the key level of 120,000, leading to a dominant position for bears in the short term.

Ethereum (ETH), as the second largest encryption currency in the market, has also seen a fall. Considering the large increase in the previous period, the occurrence of a pullback is a normal market adjustment. However, investors need to closely monitor the key support level of 4500. If this level is broken, it may trigger further declines. In the short term, around 4650 may become an important resistance level.

For Bitcoin, the current trading range is between 119,300 and 119,800 yuan. If it falls below this range, the next point of interest will be the support around 117,000 yuan.

In terms of Ethereum, the range of 4630 to 4660 yuan may become a key trading focus in the near term. If it cannot stabilize, it may further drop to around 4400 yuan.

Despite the market correction, long-term investors should remain calm and focus on changes in the fundamentals and long-term development trends. Although short-term fluctuations can be intense, the innovative potential and future prospects of the encryption industry should not be overlooked. Investors should allocate assets reasonably based on their own risk tolerance and implement effective risk management.