1. Multi-cycle candlestick breakdown: Trend resilience far exceeds expectations

1. 4-hour cycle: Bullish 'bulldozer' mode

From the 4-hour Bollinger Bands (BOLL), the middle track (MID: 4505) continues to steeply rise, with the price running for a long time in the middle-upper track range, even nearing the upper track (4920) at one point. This pattern suggests:

- The bullish trend has not exhausted; the retest of the middle track is strong support (the low near 4400 validated support before August 10);

- The Bollinger Bands are 'opening up' (the upper band is moving away from the middle band), indicating increased volatility, and the upward momentum is still accumulating.

2. 1-hour cycle: Is the pullback 'accumulation' or 'reversal'?

Switching to the 1-hour chart, the recent price has retreated from the high of 4788, but two key signals prove that the pullback is healthy:

- The pullback has not broken the Bollinger middle track (4724), and even the lower track (4659) has not been touched, indicating strong short-term bullish support;

- The candlestick forms a 'lower shadow line combination', indicating active buying at the lower levels and the pullback looks more like a 'washout'.

2. Capital and sentiment: The ambition behind the 80 million net inflow

On the data front, ETH currently has a net inflow of over $78.74 million, with the transaction volume surpassing $3.084 billion, a classic bullish signal of rising volume and price. Combined with market sentiment:

- Bitcoin stabilizing above 70k+, with a strong 'risk-on' atmosphere in the market, ETH, as the 'leading altcoin', often follows the market to achieve excess returns;

- Technical and capital resonance; a short-term breakout of the previous high of 4788 is just a matter of time, with the next key resistance level targeting the 1-hour Bollinger upper band 4790 and the 4-hour previous high extension level 4800-4900.

Three, caution! Hidden dangers and response strategies amidst the festivities

Even if the bulls are dominant, the 'temper' of the crypto market still requires caution:

- Short-term pressure: If the previous high of 4788 encounters resistance, it may trigger a technical pullback (target looking at the 1-hour middle track 4724);

- Extreme risk: If the market suddenly plunges, ETH may retest the 4-hour middle track 4505 (need to assess based on BTC movement).

Operational suggestions:

- Bullish holders: Defending at the 1-hour middle track (4724), breaking 4790 can increase positions, looking towards 4920;

- Observers: Waiting for a pullback to the 4720-4730 range to build positions in batches, betting on a breakout of the upper band.

Conclusion: The Bollinger Bands opening + massive net inflow, the 'surge script' for ETH is not finished yet. But the crypto market is never short of reversals, closely watching key support levels is essential to preserve gains in the festivities. Next stop, 4800? Or 5000? The market will provide the answer, but the trend is hopeful.