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Key Insights:
- Ethereum price surges, breaking multi-year resistance with strong volume.
- Whale stakes $24M ETH, signaling high conviction in rally.
- $158M OTC buys hint at institutional demand accelerating rapidly.
Ethereum (ETH) price has soared past the $4,200 mark, breaking a resistance level that held for nearly 3.7 years. Over the last week, the cryptocurrency added 20 percent, backed by good trading volume and market sentiment. Bitcoin also showed high growth, surpassing the mark of $122,000 earlier this week, driving the digital asset market.
The Ethereum resurgence saw it breach above the $4,300 mark at some point and hit its highest since December of 2021. Significant altcoins such as SOL, ADA, XRP, and DOGE gained more than 5% in the same period. The cryptocurrency market capitalization grew overall to $4.03 trillion, and the volume of trading 24-hour deals amounted to $174.38 billion.
Ethereum Price Nears ATH After Major Breakout
According to crypto analyst reports, Ethereum has recorded the highest weekly closing price since November 2021. Such a key level is a sign of newfound bullish energy in the market, and traders are looking to see whether the market may attempt to break new record levels. The recent jump has occurred as the investor sentiment and technical indicators have turned bullish.
The market data indicate that Ethereum has just breached a persistent resistance line that it has withstood the test of nearly 3.7 years. The breakout is considered one of the current transitions in price structure that may precondition the appearance of a long-term upward trend.
The highest price of Ethereum was $4,891 on November 16, 2021. The most recent price is still 12.54% below that peak, but the recent performance has indulged the likely set of tactics to reach that height. Traders currently expect that if momentum is sustained, Ethereum may set its historic top in the coming months.
Whales Acquire $158M Worth of Ethereum
A large amount of Ethereum and more than $158 million worth of ETH were bought over the past 14 hours using Galaxy Digital’s over-the-counter (OTC) platform. The transactions comprised many large withdrawals on Binance, Coinbase, and Bitstamp hot wallets to Galaxy Digital IDs, which have led to rumors of huge whale activity in the market.
The numbers indicate a couple of transfers between $9 million and over 21 million, with one giant transfer of 399,994 ETH moving out of Bitstamp. Market monitors see these actions as a potential indication of accumulation by wealthy investors or organizations, which may briefly impact Ethereum prices.
Ethereum Price Near Key Resistance, Targets Higher
The ETH price traded at $4,281 during the latest session, recording a modest 3% gain over the past 24 hours. Ethereum’s 4-hour chart showed the price challenging resistance near $4,300 after a strong and sustained rally.
The Relative Strength Index (RSI) was at 71.69, which indicated somewhat reduced pressure on the overbought. The MACD (Moving Average Convergence Divergence) is bullish, and the MACD line is above the signal line. Nevertheless, the histogram shows a narrowing of the bars, which implies that the rally can be slowing down.
With a break and close above $4,300, the immediate upside target would be $4,500.A robust momentum breakout beyond the level of $4,500 could propel further bull momentum to around $4,800, marking a multi-month high zone. If bulls maintain control above $4,800, the next psychological milestone might be around $5,000.
On the negative side, the initial main support is forming at $4,000, which can cushion against sudden losses.
More selling pressure could cause ETH to return to around $3,800 as the next support in case the token’s price fails to gather at $4,000. The next downside adjustment may take the price back to $3,600, where the price previously consolidated prior to the recent run.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
