Everyone, today I'd like to discuss the recent market trends for Ethereum (ETH). After hitting a new all-time high, the bull-bear battle has been intense, and the market trend has become increasingly unpredictable.

In the early morning hours of August 23rd, ETH truly stole the show, reaching a high of $4,888, surpassing its previous all-time high set in November 2021 and increasing by over 14% in 24 hours. This surge has ignited enthusiasm, and many are dreaming of financial freedom. But remember, the cryptocurrency market has always been a place of both risk and opportunity, and this brings with it significant volatility. Over the past 24 hours, the market has seen a staggering $694 million in liquidations. Of this, 68%—approximately $470 million—were short positions, while long positions were liquidated for $230 million. This data serves as a reminder that leveraged trading carries significant risks, and one can easily lose everything if not handled with caution.

In these current market conditions, everyone is most concerned about the future trajectory of ETH. My analysis suggests two potential scenarios. On a more optimistic note, if ETH can hold firmly above $4,700, it's likely to continue its upward push, heading towards $5,000.

In fact, the pullback after ETH's new high is a normal technical correction. From a broader perspective, driven by the triple factors of interest rate cut expectations, institutional buying, and deflationary mechanisms, the probability of breaking through $5,000 in the medium term remains high. However, in the short term, we must remain vigilant against market volatility caused by leveraged liquidations. On the other hand, every deep pullback presents a good opportunity for long-term investment.

Finally, let me share my trading guide for today. I believe it's advisable to be bearish on pullbacks, shorting around 4,720-4,750, with a target of 4,670 first and then 4,630. If it breaks, it could fall to 4,590.