Between 34, currently half of the people are still shorting. When Ethereum breaks 5000, it officially enters the 4th phase, and everyone is fantasizing about 6000, 8000, or even 10000.

4th phase: Institutions start unloading, retail funds flow into altcoins, leading to an altcoin breakout.

5th phase: Retail investors go fully long, institutions maintain high volatility for Bitcoin and Ethereum, there will be a significant pullback, but in a few days it will return, and may even create a divergence with new highs.

6th phase: Bear market turning point, Bitcoin experiences a 10% to 20% pullback, while retail investors still believe it’s just volatility and will bounce back.