Last night's short position was liquidated at the highest point... a wave of extreme short-covering occurred. Both spot and futures had large buy orders, making it risky to short. Now looking at the market, it has directly broken below the 4730 level, which is quite frustrating.

It’s evident that the market conditions have become difficult to navigate. ETH's daily support is at 4630. If it breaks below that, it will form a daily double top, and a pullback to 4370 could occur. Well, here we are, four years later, retail investors are caught again at 4900.

Even if it goes above 5000, it'll need a deep squat to get there. The market is completely a futures meat grinder. $ETH