Based on the current ETH/USDT market data and technical analysis, today's trend assessment is as follows:

1. Bullish Signal
1. Price breaks through key resistance level: Currently, 4,591 USDT has stabilized above the cost average of 3,988.
2. MACD Indicator: The daily level golden cross continues, and the histogram shows an expanding trend.
3. Volume Coordination: The 24-hour trading volume reached 1.596 billion USDT, significantly increasing compared to the previous period.

2. Key Resistance Levels
1. Intraday strong resistance: 4,638.88 (24h high)
2. Psychological barrier: 4,700 round number
3. Weekly level resistance: 4,964.27 (recent high)

3. Operational Recommendations
1. Short-term strategy: If it breaks 4,638, you can enter a light long position, target 4,700.
2. Risk Control: Consider stop loss if it falls below 4,550
3. Medium to long term: The cost average in the range of 3,844-3,988 can continue to be held.

4. Be aware of the risks
1. RSI indicator is approaching the overbought zone (not displayed but estimated value > 70)
2. An increase in leveraged contract open interest may trigger severe fluctuations.
3. The opening of the U.S. stock market may affect market risk appetite.

(Current data time 07:15, it is recommended to pay attention to the volume changes after the European market opens at 15:00 Beijing time)