There are several situations in which the ball might be raised, and there are some general statements about what to do in most. Note that this is a long list, but by no means complete or exact. Only experience will help in applying the rules or ideas behind them.
Danger:
From a free hit:
Deliberately raising the ball:
The penalty corner:
The aerial ball/overhead pass:
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There is no such thing as "too high" in Field Hockey, unless you were to count the limitation on the first shot at goal during a penalty corner. In that case, an umpire will usually make their call based on simply "too high"
The only consideration on a raised ball is for whether it is dangerous, defined as 'causing legitimate evasive action'.