ETH is currently stable below 4600, and the order book heat map has already provided the answer:

Pay attention to the chart, from the evening of 08-27 to the early morning of 08-28, there were constantly large orders consuming around 4600, with a dense yellow-green area, indicating that this is a key position for chip accumulation. As a result, there was a surge, and short positions were immediately ignited, causing the K-line to shoot up directly.

Above, between 4700-4800, the chips are obviously sparse, almost a vacuum area. What does this mean? As long as ETH has another bullish candle, the shorts will be forced to cover, pushing prices higher and creating a chain liquidation effect.

Conversely, looking down at the 4450-4500 area, the entire area is highlighted in yellow, indicating heavy funding pressure. These people are clearly betting on a pullback, but once the chips are utilized in the opposite direction, it directly becomes fuel for the whales.

At the same time, BTC has seen a large number of short orders at the same time, a typical mismatch operation:

On one hand, pulling ETH, on the other hand, pressing BTC, creating a market illusion, forcing the shorts to hand over their chips early, and then reversing to pull up and complete the harvesting.

The key going forward lies in the short-term trend:

As long as ETH remains above 4600 without a significant volume dump, that is a clear signal of a trap to lure shorts back in.

The next K-line will directly determine whether to follow the whales and profit or continue to be a number on the liquidation list.

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