When a digital currency moves without the "godfather" of leverage, that is a sign that something big is brewing. Ethereum is at that key point, and $4,700 is the litmus test!

My people! What is happening with Ethereum (ETH)? 🤔 Unlike other rises where funding rates were on fire 🔥 (a sign that people were betting with borrowed money, which is risky), this time it’s different. The price of ETH has quietly risen, with funding rates almost at zero, which means the push is coming from the real market, from people buying with their own money. That’s the type of rise we like to see! 😎 It’s a sign that the rally is healthier and isn’t going to blow up at the first change.

But not everything is rosy. 😬 Just when we thought it was heading to the sky, ETH hit a wall: $4,700. This price is like the final test for ETH, a level where historically it has encountered resistance and pulled back. Will it break through this time or will it have to retreat? 📉

Additionally, there are other signs that make us think. The "Stock-to-Flow" ratio of Ethereum skyrocketed to 47.7, a number not seen in months. This means that the supply of ETH is tightening, but at the same time, these spikes are usually accompanied by volatility. 🎢 Be careful, as things could get bumpy.

And if that weren’t enough, the "MVRV" metric (which measures profitability) tells us that people who have held ETH for a long time are making good money, much more than those who bought recently! This could be good, but it also creates the temptation for long-term holders to sell to secure their profits, which could lower the price. 💸

So, the dilemma is clear: Ethereum has a strong and healthy rally driven by the market, but it faces historical resistance. The battle at $4,700 will define whether we continue the party or have to wait for the next one. $ETH