Ethereum Price Hits $4,650 Amid Strong Investor Demand
Ethereum (ETH) trades around $4,650 on Friday. Investors have been buying heavily between $4,300 and $4,400. Selling pressure has dropped in recent weeks, supporting the price rise.
Investors Accumulate ETH as Selling Pressure Drops
Over 1.7 million ETH were bought by accumulation addresses in the $4,300-$4,400 range. These wallets have not sold any ETH recently. This data comes from a CryptoQuant analyst’s report on Thursday.
Most recent ETH activity shows more withdrawals from exchanges than deposits. Withdrawals happened at an average cost of $4,300, creating a strong support zone.
The analyst said, “There is now a high sensitivity to maintaining the $4,300-$4,400 range. The accumulation of 1.7 million ETH at this level establishes it as a zone of significant interest and potential support.”
Since ETH neared $5,000, selling has decreased. Exchange inflows fell by over 60% from a three-year high in mid-August to 733,109 ETH on Friday. CryptoQuant analysts said lower ETH deposits to exchanges show confidence in price stability and possible gains.
However, strong resistance exists near Ethereum’s Realized Price Upper Band at $5,200. ETH corrected after reaching an all-time high of $4,956 on August 24. If ETH fails to break above $5,200, it may consolidate or drop further.
CryptoQuant also noted that Ethereum is in one of its strongest cycles. This is due to increased institutional buying, whale demand, more staking, and growing smart contract use.
Ethereum Breaks $4,500 Resistance, Eyes All-Time High
ETH recently broke above $4,500, a key resistance level in September. This breakout followed a falling wedge pattern, signaling a possible rally toward its all-time high.
In the past 24 hours, $104.7 million in ETH futures were liquidated. This includes $11.8 million in long and $92.9 million in short liquidations.
On the downside, ETH finds support at the 50-day Simple Moving Average (SMA) and the upper trendline of the falling wedge. The $4,000 level also acts as strong support.
The Relative Strength Index (RSI) is above neutral, showing bullish momentum. The Stochastic Oscillator is in the overbought zone, which may lead to a short-term pullback.
