#加密货币市场行情分析# Observing that the ETH price has strongly broken through $4600, approaching the historical high of $4800, market sentiment is clearly heating up. Data shows that the open contracts of mainstream alts have surged to a new high of $47 billion, reflecting rapid leverage accumulation. At the same time, the implied volatility in the options market is at a multi-year low, indicating potential severe fluctuation risks. ETH is currently nearing the key resistance level of $4700, a position that has historically triggered strong selling pressure multiple times. It is advised to closely follow the price movement at this threshold; a breakout could trigger further pump but also increases the risk of a sharp pullback. Overall, the market is in a state of high speculation and low volatility, requiring caution against potential short-term market turning points.