Recently, a remarkable phenomenon has occurred in the Crypto Assets market: the price of Ethereum (ETH) suddenly rose by 30%, increasing by 3% in just 3 minutes, breaking through the $4700 mark. However, Bitcoin remained relatively stable. This unusual market behavior has sparked speculation about the actual situation.

Analysis shows that there may be two main market manipulation techniques behind this wave of rise:

First, some publicly listed companies may announce a large purchase of ETH after raising funds in the US stock market, creating market hype and driving up prices. Subsequently, they may use the appreciated ETH as collateral for further financing, forming a self-reinforcing cycle. This strategy can leverage a significant market value change with relatively little capital.

Secondly, the big players in the market (commonly known as "whales") may buy large amounts of ETH at low prices and then suddenly pump the price, forcing short sellers to close their positions. This behavior can drive retail investors to chase the rise, while the big players can gradually sell to take profits. Reports indicate that this price fluctuation has caused over 100,000 people to be liquidated across the network.

However, this rise does not exhibit the characteristics of a typical bull market:

1. Technical Aspect: There have been no significant upgrades in the Ethereum ecosystem, and there are no noticeable changes in the DeFi and Layer 2 sectors.
2. Market situation: Bitcoin and other crypto assets have not shown correlated rise, and the Federal Reserve's expectations for interest rate cuts are not sufficient to support the independent strength of a single cryptocurrency.
3. Market Logic: Normally, a real bull market should be driven by Bitcoin, rather than Ethereum rising alone.

For ordinary investors, it is recommended to adopt the following strategies:

1. Avoid chasing highs: The vast majority of rapid rises may be misleading, especially when the Bitcoin price remains stable.
2. Pay attention to on-chain data: closely monitor large wallet movements and USDT liquidity, and be wary of potential market manipulation.
3. Control your position and set stop-loss: It is recommended to invest no more than 5% of your total assets, and to promptly stop-loss when the price falls below key support levels.

Overall, the recent rise in Ethereum's price may be more a result of capital operations rather than an improvement in market fundamentals. In the crypto assets market, protecting the principal is always the most important principle. Investors should remain cautious and not be misled by short-term price fluctuations.