The world’s second-largest cryptocurrency now holds a market capitalization of roughly $556 billion, supported by a strong 24‑hour trading volume exceeding $35 billion.
Despite the rally, Ethereum faces a key technical hurdle. Market analyst Ali noted that ETH has now tested the same descending trendline four times without a clear breakout, suggesting that bulls are battling a strong resistance zone near $4,650.
Each prior rejection from this channel resulted in a notable pullback, making the next few sessions critical for confirming direction.
Liquidation data shows $53 million in leveraged positions wiped out over the last day, with short traders accounting for the majority at $37 million. This suggests that bearish pressure is easing as the market leans toward optimism.
On the daily chart, ETH appears to be forming higher lows since mid‑September, hinting at growing strength among buyers. The RSI currently sits near 60, indicating healthy momentum without signs of overextension.
If Ethereum breaks above the $4,650‑$4,700 resistance zone, analysts expect momentum could accelerate toward the $4,900‑$5,000 level last seen in late 2021. However, failure to sustain above the channel could trigger another retest of support around $4,200.
With the Fusaka upgrade scheduled for December and on‑chain staking participation rising, Ethereum’s broader outlook remains bullish, though short‑term volatility may persist as traders react to key resistance levels.
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