Click on the link to enter Tencent Meeting: https://meeting.tencent.com/p/9850662513 $4700 has been trampled underfoot, and behind the data of short positions being crushed, there is a brewing storm of bullish forces. ETH successfully broke through the $4700 mark on October 7th, with an increase of over 3.98% within 24 hours, indicating abnormally active market trading activity. Price Performance: Strong Breakthrough through Key Resistance The Ethereum market price broke through $4700 on the morning of October 7th, setting a new historical high. As of press time, the price remained stable in the range of $4702-4709. This breakthrough is not an isolated event. In the past week, Ethereum has steadily risen from below $4500, demonstrating strong upward momentum. The recent rise has led to a 24-hour increase of 3.98% -4.59% for Ethereum, significantly higher than the recent average, indicating strong buying pressure. One of the core factors driving the surge of Ethereum is the continuous inflow of institutional funds. Data shows that the US spot Ethereum ETF recorded an astonishing inflow of $1.06 billion this week, reversing the previous outflow trend. At the same time, the Ethereum trust funds ETHE and ETH ETP under Grayscale officially launched the staking function at the opening of the US stock market on October 6th, which is seen as further enhancing the attractiveness of Ethereum as an interest bearing asset. Analysts point out that the use of staking function in Ethereum spot ETFs is one of the main reasons driving its price rebound from $3800 to $4700. Market reaction: bears suffer heavy blow The rapid upward trend has caused bears to pay a heavy price. Data shows that the total amount of liquidated positions in contracts across the entire network in the past hour reached 26.54 million US dollars, of which 17.09 million US dollars were liquidated due to short positions, accounting for over 64%. Ethereum alone contributed $8.75 million in liquidation amount, accounting for 32.96% of the entire network, highlighting the huge long short divergence in the market on this asset. This large-scale liquidation has further accelerated the price increase, forming a vicious cycle of short selling. Future outlook: $5000 is just around the corner With Ethereum breaking through $4700, market attention has shifted towards the important psychological barrier of $5000. Analyst Ali Martinez pointed out that $4505 is a key resistance level, and the successful closing of ETH price above this level may trigger further upward movement. More optimistic analyst Donald Dean even believes that the price target for Ethereum is $5766, but he also emphasizes the importance of the $3876 support level. The market generally believes that if Ethereum can break through the key resistance level of $4957, it will soon challenge the $5000 mark. Market analyst Ali Martinez pointed out that $4505 is a key resistance level, and the successful closing of ETH price above this level may trigger further upward movement. As the November Fusaka hard fork approaches, Ethereum's scalability and efficiency will once again significantly improve. Technological upgrades and institutional funding have jointly built Ethereum's runway towards $5000, and a historic breakthrough may only be a matter of time. Operation suggestion: BTC 123850 long first target watch 124850 second target watch 125765 ETH 4650 long first target to see 4710 second target to see 4765 Join the language community communication group to obtain more services 1. Real time troubleshooting (online one-on-one question answering and sorting) 2. Professional technical analysis and theoretical learning 3. Construction and improvement of trading system- 4. Live streaming courses every day, contract termination, real-time order making, to help you successfully land! Every day, there are teachers in the group who provide precise positioning to answer questions and offer free guidance. Tencent Meeting Live: 985-066-2513 DingTalk Group Number: 120320009032 Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.

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