Ethereum (ETH) performed strongly tonight, maintaining a positive technical outlook. Both the 4-hour and 1-hour time frames show that the price is above the EMA9/21/200 moving averages and has held above the R1 support level of $4,658. The Momentum Index RSI and MACD also display an upward preference.

Currently, the focus of the market is on the R2 resistance level at $4,866. If ETH can break through this level with high trading volume, it may accelerate its rise to the R3 target level of $5,400.

In the medium term, the 4-hour chart shows a strong bullish trend. The price remains above all moving averages, the RSI is above 70, and the MACD is continuously rising, all of which are strong confirmation signals. In the short term, the 1-hour chart shows mild bullishness, but a breakout is needed to sustain the upward momentum.

For the trading strategy, you may consider setting a breakout buy point above $4,866. At the same time, you can also gradually build a position when it pulls back to around $4,660 or $4,620. The stop-loss levels can be set below $4,620 (1-hour chart) and $4,575 (4-hour chart).

In terms of targets, the primary focus is on $4,750 and $4,866. If it can break through and hold above the R2 resistance level, then $5,400 will become the next important target, and it may even extend to $5,934.

However, investors also need to be wary of false breakouts that may be caused by resistance above. It is recommended to use a phased approach to building positions and moving stop losses to manage risk. For options traders, if the R2 level finds support, they may consider buying a short-term 4.8K/5.4K call spread strategy; conservative traders might choose to sell put options near 4.6K, but they need to strictly control risk.

Overall, Ethereum is currently at a critical technical position, and a breakout or pullback could present significant trading opportunities. Investors should closely monitor price movements and formulate corresponding trading strategies based on their own risk preferences.