Ethereum has reaffirmed its place as a leading cryptocurrency by reaching a record height of $4,953. However, its future trajectory remains uncertain.
Ethereum Sets New Record
Following a sluggish second quarter, Ethereum surged to a new record of $4,953. Over the past three months, the asset has risen by over 85%, and nearly 70% year-over-year. This surge has prompted traders to speculate on potential corrections or the asset's drive towards new heights.
Confidence Signals from Whales
On-chain data indicates that large holders are aggressively accumulating ETH. Wallets with 1M–10M ETH added approximately 210,000 ETH (~$1B), while wallets with 10M–100M ETH accumulated about 140,000 ETH (~$668M). In total, whales absorbed more than $1.6B worth of ETH in just days, reflecting expectations of continued growth.
Critical Price Levels
From a technical perspective, ETH is near key levels: resistance at $4,948 and support at $4,610. A break below could lead to declines toward $4,400, although whale purchasing may mitigate such risks. The daily chart shows a new high at $4,884, but a bearish RSI divergence suggests weakening momentum.
Ethereum is at a critical juncture, where further growth may see it touch $5,500. However, if resistance holds, the asset could retrace to $4,400 or even test the $4,000 zone.
