Ethereum Surges to $4,700 as 30-Day Netflows Show Strong Buying Pressure

Ethereum (ETH) has reached $4,700, the highest since November 2021, approaching its all-time high of $4,860. This surge suggests a potential price discovery phase if it breaks key resistance levels.

Key points include:

30-day Simple Moving Average (SMA30) shows negative netflows of -40,000 ETH, indicating strong buying pressure with average daily withdrawals from exchanges.
Analyst Burak Kesmeci notes 1.2 million ETH withdrawn in a month, highlighting a significant accumulation trend.
The All Exchanges Netflow metric indicates that negative values reflect dominant buying pressure as coins are moved to private wallets or DeFi protocols.
Sustained negative SMA30 reinforces bullish momentum for Ethereum in the short term.

Price Action Insights

ETH is trading at $4,691, up 10.34% this week. The breakout from the $3,860 resistance earlier this month supports a robust long-term uptrend, confirmed by technical indicators above key SMAs.

If momentum continues and ETH surpasses $4,860, it could enter uncharted territory, but profit-taking may lead to short-term corrections within the $4,700–$4,860 range.