According to the current ETH/USDT real-time market (updated at 12:47 Beijing time), the latest trend analysis is as follows:

Key Data Overview
- Current Price: 4,661.40 USDT (+8.27%), approaching 24h high of 4,681.50
- Volume: 24-hour trading volume reached 18.631 billion USDT, with ample liquidity.
- Volatility range: Intra-day fluctuation reached 9.2% (4,256.15→4,681.50)

Core technical signals
1. Strong Breakout Pattern:
- The price has broken through the resistance of 4,638 indicated in the morning session and is now testing the intraday high of 4,681.50.
- The 1-minute candlestick chart shows a stair-step rise, with a pullback that did not break the previous high of 4,563 (forming new support)

2. Overbought Risk Warning:
- An 8% daily increase has pushed the RSI into the overbought zone (beware of short-term profit taking).
- The strong resistance above is at 4,693.35 (the selling zone marked by S in the image)

3. Observe the combination of volume and price:
- The current trading volume has decreased compared to the Asian session, and attention should be paid to the capital flow after the European session opens (after 15:00).

Operation strategy adjustment
- Short-term trading:
- Aggressive traders can take profit in batches in the range of 4,680-4,693.
- If it pulls back to 4,630 without breaking, you can try going long with a light position (stop loss at 4,610)
- Medium-term position:
- It is recommended to keep 50% of the base position at the cost area of 3,988.
- Move the trailing take profit for the remaining position to 4,550

> Special Reminder: During the VIP contract competition, market fluctuations may be amplified, and it is recommended to keep leverage positions below 3 times. The next key time point is 14:30 (opening of US stock futures).