Ethereum breaks through $4,000

Ethereum has finally broken through the key resistance level of $4,000 again after four years since its first peak in May 2021. Looking back, it failed to breach $4,000 three times last year, but it has finally succeeded now.

The primary factor for the altcoin season has been achieved. Ethereum, as the leader of altcoins, has historically led the charge. When Ethereum rises, other altcoins may also have the potential to follow.

Secondly, after forming a lower high, Bitcoin's market share continued to decline, currently at 60%. Looking back to late March 2021, Bitcoin's market share began a rapid downward trend after falling below 60%, reaching 40% in just two months. I wonder if this year's trend will be similar.

$ETH

The decline in Bitcoin's market share also indicates that the altcoin season is already underway. After Ethereum breaks the historical high of $4,800, it may usher in a phase of mainstream coins, and that time should not be far off. For those who missed Bitcoin and Ethereum, don't miss out on the mainstream coins.

A rather amusing news today is that well-known investor Arthur Hayes sold at $3,500 for Ethereum and then bought back at $4,100, making a reverse trade.

Onchain data shows that Hayes sold 2,373 Ether at that time, worth about $8.32 million, with the trading price of Ether close to $3,507. This sale occurred about a week ago, locking in profits before the latest round of Ether's rise.

Purchasing ETH at prices above $4,150 is significantly higher than his previous exit point.

Even for experienced individuals, it is difficult to see future trends. Engaging in arbitrage operations during an upward trend is actually quite challenging. As ordinary people, it's better to just hold onto what you have, as no one knows how the market will move.

Data collected by EmberCN shows that since July 10, a group of unknown whales and institutions have accumulated over 1.035 million ETH through exchanges and institutional trading platforms, worth about $4.17 billion.

Recently, the surge in Ethereum should be driven by institutions. The reserve companies of Ethereum have been continuously purchasing, filling the institutional positions for Ethereum. I believe that in the future, Bitcoin and Ethereum will return to a position of parallel growth.