Can Ethereum Price Form Historic Highs Following Bitcoin’s Recent ATH?

Core Insights - Ethereum (ETH) has shown strong upward momentum, recently surpassing $4,500 and approaching a new all-time high, with the potential to exceed $5,000 depending on key technical levels [1][7] - Approximately 97% of Ethereum addresses are currently in profit, historically indicating a potential market top when this percentage exceeds 95% [2] - Despite high profit levels among holders, selling pressure appears limited, suggesting a shift in investor behavior that may support continued momentum [3] Technical Analysis - The Moving Average Convergence Divergence (MACD) indicator has registered a bullish crossover, indicating strengthening upward momentum and a potential breakout phase [4] - Ethereum's price is currently testing the $4,500 level as new support, which is crucial for advancing towards the next resistance at $4,775 [6] - A successful breakout above $4,775 could lead to a retest of the all-time high of $4,956, with the possibility of surpassing $5,000 [7] Market Sentiment - The expanding positive histogram of the MACD reinforces the view that bullish momentum is building, potentially attracting renewed inflows from traders and institutional investors [5] - If profit-taking occurs after the recent surge, Ethereum's price could drop below $4,500, leading to a correction towards $4,222, which would invalidate the short-term bullish outlook [8]