Ethereum rose 1.1% in 24h to $4,770, just 2% below record highs. Large holders added over $1.6B ETH in recent days, showing strong confidence. On-chain data warns of profit-taking, but key demand clusters between $4,590–$4,761 may limit downside. A close above $4,948 could push ETH toward $5,500, while losing $4,610 risks a slide to $4,400.