ETH broke through 3980 to 4071 in the early morning, quickly rallying after breaking key resistance and directly liquidating large long positions above.

Currently, ETH's popularity surpasses that of BTC, and the contract open interest continues to increase, but has not exceeded the 3800 level on the 29th.

This indicates that at the 3900 level yesterday, most retail investors were unwilling to gamble on a rise to 4000, as the risk-reward ratio was insufficient. 4100 is a key level, being the high point that has not been broken twice in December 2024, with heavier selling pressure.

If it breaks through, the target will be 4800; otherwise, it may pull back to around 3500 before attempting to break through again. As long as the ETF absorbs the selling pressure, the market is expected to continue moving upward. $BTC $ETH