After Ethereum breaks 4600, market sentiment has clearly turned optimistic. The breakthrough of this key level means: technical confirmation of a strong weekly close above 4600 with sustained increasing volume.
Moving averages are in a bullish arrangement with strong support from funds and continuous increases in institutional holdings, while exchange reserves hit a new low.
Futures open interest has set a record, with a short-term target of 4868 and a mid-term target of 6000, while long-term potential remains.
RSI has entered the overbought zone, and there may be a short-term pullback to watch for correlation with US stocks.
At this stage, it is important to remain rational and avoid emotional trading. The breakthrough at 4600 marks the beginning of a new market, but the process will not be smooth.
