The core issue with Ethereum right now is actually quite simple—how high can it still go? The current market trend is completely different from before. It appears to be a mild upward movement now, but in the next few days, it might accelerate, and everyone will feel that the true bull market has arrived.

Previous analysis has always expected Ethereum to retest the historical high of 4253, but it has not happened for three consecutive months. Later, I realized I missed a key detail—once the price rises above 4000 again, the number of short positions will increase significantly, as everyone tries to profit from shorting at the high point. It is this short-selling pressure that actually changes the rhythm of the market.

The current situation depends on how a major whale manipulator will operate. If they want to continue pushing prices higher, they need to first clear out these short positions. Technically, the levels of 3700, 4100, and 4400 are more likely to be achieved in the short term, while higher targets at 5100, 5300, and 5500 may only be possible after March. The coordination between Bitcoin and SOL is also crucial; the linkage among these three main cryptocurrencies will determine the overall pace in the coming weeks.