Ethereum is on the verge of breaking its all-time high after surges to the $4,700 level, the strongest price since November 2021. The Bulls build momentum after weeks of stable profits that rekindled market optimism. The rally has shyed up a $4,860 peak, a breakout point that could lead to the much-anticipated price discovery phase.
Adding a plot to the current bullish background, Arkham Intelligence – a blockchain analytics platform known for celebrating the individuals and businesses behind blockchain wallets and transactions – has revealed a surprising story. Their findings show that the prominent figure lost access to a wallet that holds more than $1.1 billion in Ethereum. Losses are caused by unforgotten or inaccessible credentials and effectively close large sums that will not enter the market unless collected.
With sentimental running and technical pointing to breakouts, traders are checking if ETH can ultimately surpass the record high and enter a new chapter in market history.
Ethereum approaches a historic breakout as a billion dollar lost wallet story emerges
Arkham Intelligence revealed a remarkable chapter in Ethereum history. This highlights both the potential and risk of early crypto investments. Their report found that Rain Lohmus, a well-known Estonian investor and entrepreneur, spent just $75,000 on ETH at his first Coin Offering (ICO) in 2015.
These coins purchased when Ethereum was still in its early stages are now worth more than $1 billion. Unfortunately, Lohmus lost access to the wallet and has no permanent access to the property unless the key is restored. This is a near impossible feat without original credentials.
This story emerges at a moment of crucial importance for Ethereum. The asset is trading at $4,860 for nearly $4,700 within a record high distance, making market dynamics even more desirable for the Bulls. Exchange and over-the-counter (OTC) desk supply is drying rapidly. This is a sign of a strong accumulation from both retail and institutional players. There are few coins available to sell, so upward price pressure is stronger, especially when demand is strong.
Ethereum is on the verge of entering unknown territory, and the wider altcoin market shows new signs of life, driven by ETH leadership. The next few days are important if you can determine whether Ethereum will rise decisively, set up a new record, and ignite a fresh wave of Altcoin rally.
Price analysis: Close to the highest resistance ever
Ethereum (ETH) is up 10.52% at $4,699 on its weekly charts as Bullish Momentum pushes its assets to an all-time high of nearly $4,860. The recent rally has been supported by a decisive breakout that surpasses the $3,860 resistance zone and is now serving as a strong supporter.
Technically, ETH is well above 50-week SMA ($2,776), 100-week SMA ($2,763), and 200-week SMA ($2,443), reflecting a strong, long-term bullish trend. The 50-week SMA gradient has risen sharply, highlighting the strength of the current movement. The vertical nature of breakouts from the $2,852-$3,860 range highlights intense purchasing pressures, which are likely to be supported by reduced facility flows and exchange supply.
If ETH can go above $4,860, it could lead to accelerated profits as momentum traders and long-term investors are added to the position for the first time since November 2021. However, the $4,700 to $4,860 range remains a major zone of resistance where profits can temporarily slow the rally.
Dall-E special images, TradingView chart
