Ether Surpasses $4,900 as Analysts Highlight Shift from Bitcoin to ETH
Ether (ETH) surpassed $4,900 on Coinbase, reaching a new high of around $4,946.90, breaking its previous record of $4,867 set on Nov. 8, 2021.
Key points:
- ETH has entered price discovery, indicating no historical resistance levels above the current price.
- Price action shows buyers absorbed supply near the old ceiling, confirming a breakout pattern.
- Analyst Miles Deutsher noted a shift in momentum, stating "BTC is exhausted, ETH isn’t."
- Falling exchange reserves suggest scarcity, potentially leading to higher prices if demand increases.
- Michaël van de Poppe warned that weekend breakouts may retrace when liquidity normalizes early in the week.
Overall, ETH's recent movements reflect strong buying interest and a potential for continued upward momentum, despite possible short-term pullbacks.