💵 Ethereum is just a few dollars away from its all-time high
📊 Last night's data release resulted in two spikes, catching many off guard!
Many are already calling for a downturn, but can Ethereum hold up this time?
Price Performance
• Current price: $4,788, just 4% away from the 2021 all-time high of $4,891
• Year-to-date increase of 41%, with a strong upward channel on the technical front
• Key support level at $4,600-$4,700, aiming for a target price of $5,000 after breaking $4,891
Driving Factors for Upside
• Technical Upgrade: Pectra significantly reduces transaction fees and enhances throughput
• Institutional Funds: ETF net inflow reached a new high of $1 billion in a single day, large institutions continue to accumulate
• Staking Ecosystem: Over 40 million ETH are in a staked state, and the deflationary mechanism enhances scarcity
Market Signals
• Large Purchases: The largest single buy order of 127,000 ETH shows institutional interest
• On-chain Data: Net outflow of 182,400 ETH from exchanges in 24 hours, strong holding intentions
• Options Market: Open interest reaches $13.75 billion, with intense speculation between bulls and bears
