#打榜优质内容#

ETH breaks through three levels, bulls are ecstatic, bears are silent.
In the past 48 hours, ETH has been like a cheat code - starting at $4300, easily surpassing $4400, and then breaking through $4600 with a surge. The market atmosphere is so enthusiastic, it feels like all the bulls are throwing a party that only allows for increases, while the bears can't even be bothered to send out rejection notices.

The biggest highlight of this continuous breakthrough is the sustainability of the capital behind it. On-chain data shows that the amount of ETH transferred into exchanges has not significantly increased, which means that most holders choose to continue holding their positions rather than rushing to cash in profits. At the same time, the locked value in DeFi continues to rise, indicating that the use cases for ETH are supporting its price.

Interestingly, some institutional funds seem to have been positioned in the $4200-$4300 range for some time, and this surge has directly put them in first class. Meanwhile, short-term speculators are like those in the back row grabbing snacks—before they could even reach for them, the price was already tossed to the next stop.

From a technical perspective, the resistance above $4600 is not terrifying, but the psychological pressure level may lead some people to choose to take profits. This could also create a "little heart-pounding" pullback in the near future. However, if this retracement can hold above $4400, the bullish structure of ETH will become even more solid, and $5000 could even be the next sightseeing platform.

In summary: today's ETH is like a high-speed crypto train – those who got on are excited, those who got off are regretful, and those on the platform can only take photos and post on social media saying "If I had known, I would have bought it."