Ethereum's recent surge has been a resounding "surge"—from around 2100 to 4680, the price has nearly doubled in just over a month and a half, a truly impressive performance.

The driving force behind this surge is clear: the support of Trump's policies, the influx of funds from institutional investors and multinationals, and the inherently strong market demand. These multiple factors have fueled a "cliff-like" surge, fueled by low-level accumulation. After breaking through a key psychological barrier, resistance seemed to vanish, and the market continued to surge towards new all-time highs. The continued accumulation at high levels further demonstrates that the ceiling of this rally is yet to be seen.

Are retail investors hoping for a pullback? For now, that seems more like an extravagant expectation. This unprecedented surge has practically uprooted short sellers, leaving only the densely packed short positions in the 4000-4400 range, which are still struggling. Perhaps their so-called "self-salvation" is only sustained by faith.

There are pullbacks along the way, but they tend to be brief. If you're tempted to short at this point, don't be too greedy—the slightest mistake could lead to you being crushed by the trend. For those holding spot positions, however, this wave of market activity is a sure win. Consider phasing in profits and holding onto them. $ETH