Ethereum Price Drops to $4,598 After Hitting New All-Time High

Ethereum (ETH) reached an all-time high above $4,900 but has since retraced to approximately $4,600. The price movement reflects a struggle for bulls to establish support before a potential next upward move.

Key points include:

The recent rally indicates strong institutional accumulation and market momentum.
Analysts are divided; some see the pullback as a local top while others remain bullish due to strong fundamentals.
Binance whales are heavily accumulating ETH, with significant spot and futures orders indicating confidence in Ethereum's long-term prospects.
Whale activity on Binance surged after ETH confirmed a bullish trend, suggesting reduced risk entry points for large investors.

Current Price Analysis

ETH is trading around $4,598 after its high. Key support levels include the 50 SMA at $4,455 and the 100 SMA at $4,435, crucial for maintaining bullish sentiment. A deeper drop to the 200 SMA at $4,068 could indicate a broader correction.

Resistance is noted between $4,900 and $5,000. A breakout here could lead to targets of $5,200 and beyond. Conversely, failure to hold the $4,450–$4,400 support area may shift sentiment to bearish, with traders monitoring $4,200 as the next demand zone.