[Ether breaks out against BTC, but new highs depend on $4.7K becoming support]
Ether rallied nearly 5% on Monday, but a true short-term trend reversal hinges on $4,700 flipping back to support.

<p><img src="https://static.fwimg.io/img/1px.png" alt="Ether breaks out against BTC, but new highs depend on $4.7K becoming support"></p><p>Ether rallied nearly 5% on Monday, but a true short-term trend reversal hinges on $4,700 flipping back to support.</p>

Ether breaks out against BTC, but new highs depend on $4.7K becoming support

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Besides XPL, Hyperliquid whale are suspected of still attempting to apply a short squeeze strategy to WLFI, but this hasn't resulted in significant cascading liquidations. The price of the Hyperliquid WLFI contract spiked to 0.43 between 6:25 and 6:30 UTC+8 before quickly falling back. Binance saw no significant fluctuations during the same period. Both XPL and WLFI are assets with uncirculated tokens and relatively clear launch dates, leading to a significant number of users hedging their short positions using pre-market perpetual swaps.