Ethereum has just shattered the \$4,200 mark, marking its highest price since December 2021. Over the past two days, $ETH surged 7%, fueled by \$207M in short liquidations and a breakout above the key \$4,000 resistance. The buying momentum is undeniable, setting the stage for what could be a major run.

Market analysts like Miles Deutscher are pointing to the "On-Chain Wealth Effect," where rising ETH prices often lead both whales and retail investors to rotate profits into smaller, riskier altcoins, pushing ETH even higher. The next steps? Deutscher predicts a three-stage rally: ETH leading the altseason, a rotation back to BTC targeting \$120K to \$140K, and a final wave toward ETH and small-cap tokens.

However, it's not all smooth sailing. Michael van de Poppe calls the \$4,200 move a “wild run,” warning traders of high risks at these levels. While ETH is poised to challenge its all-time high, he suggests looking within the ETH ecosystem for potentially higher ROI opportunities, as ETH's strength could fuel massive gains for altcoins.

According to Santiment, retail sentiment around ETH is at an all-time high, but be cautious. As market euphoria grows, short pullbacks could follow. Technically, ETH has confirmed two major breakouts, with volume tripling and price pushing past \$4,190 before taking a slight pause for profit-taking.

ETH is flexing its muscles, but volatility remains. If you're trading, keep your eyes on the charts and manage your risk carefully. What’s your strategy—are you buying into the rally, rotating into altcoins, or waiting for BTC to make its move?

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