Ethereum (ETH) has surpassed the $4,000 resistance level, and on-chain metrics suggest that it is likely to reach new record highs. The cryptocurrency is facing minimal resistance on the way up and has strong support. On-chain data shows that about 89% of ETH holders are 'in the money' at the current price, with a demand zone between $3,535.55 and $3,588.88 offering stability. The resistance zone at $4,540 to $4,579 is relatively small, indicating limited opposition from sellers once Ethereum surpasses it. Technical indicators also suggest that Ethereum has broken out of a triangle pattern, signaling the start of a potential 2025 bull run with a possible target of $10,000. The general crypto market rally and growing institutional confidence in Ethereum, as evidenced by record capital inflows into Ethereum ETFs, contribute to its bullish sentiment. Ongoing network development, including the approval of EIP-7691 to enhance scalability, also influences Ethereum's price growth. However, there is a potential for a short-term pullback as momentum indicators signal overbought conditions. At the time of writing, Ethereum is trading at $4,002.



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