Ethereum is on the verge of a history rewrite, trading for nearly $4,792. This is the highest level since November 2021 and shy of the all-time high (ATH) about $4,860. The recent surge has bullishly controlled the market as buyers steadily pushed higher prices after weeks of strong momentum. However, many analysts are cautious and point out that Aszone is a critical level of resistance that can take days or weeks to break down crucially.
The technical setup remains overwhelmingly positive, but a wave of speculation has emerged around potential market suppression. The growing story suggests that entities such as WinterMute and Binance can influence short-term price movements. Onchain analysts highlight the big transfer between Vinance and Wintermute wallets, consistent with a sudden daytime pullback. It fuels the debate about whether these moves are intentional liquidity plays or everyday market operations.
Despite these concerns, Ethereum’s long-term outlook appears to be strong, with a shrinking exchange supply and robust purchase interest from institutional and retail investors. If the Bulls can absorb sales pressure near the ATH, Ethereum will be able to enter the price discovery stage for the first time in years. This is a scenario that can cause an offensive upward breakout in unknown territory.
Ethereum and Solana hold uptrends amid on-chain market makers’ activities
Both Ethereum (Eth) and Solana (Sol) have shown significant resilience, with strong momentum suggesting they are seeking higher price levels. According to top analyst Ted Pillows, the latest Market Dip that occurred during the final trading hours is driven by a major move between Binance and Wintermute, not by the pressure of retail sales.
According to Pillow, on-chain data shows a series of large transfers totaling millions of dollars in both ETH and SOL. These transactions almost exactly matched the sudden price draw, hinting at the activity of the adjusted market maker rather than a wider emotional change.
Analysts emphasized that “proof is on-chain,” referring to a transparent blockchain record of wallet movement between well-known liquidity providers Binance and WinterMute. Such transfers are not inherently bearish, but the timing is frowned upon, especially as both assets are pushed against significant levels of resistance.
Future sessions are extremely important. Both ETH and Bitcoin are in the high stakes battle with their respective ATH levels, with breakout attempts facing intensive liquidity from sellers. If buyers can absorb the pressure, the market can move to a more aggressive bullish phase. However, if a similar large transfer triggers more daytime dips, traders may face extended integration periods before the next leg is high.
Price Action Details: Testing the highest liquidity zone of all time
Ethereum’s weekly chart shows a strong surge, reaching $4,792, the highest level since November 2021. Recent candles have confirmed the profits and sustained demand of aggressive shopping, indicating massive profits.
The current price of $4,719 is just below the all-time high of $4,860, a historically significant resistance. This level serves as a psychological barrier and can cause short-term benefits before a confirmed breakout. However, the steep upward slope of the 50-week moving average (blue) and the distance from the 100- and 200-week MAS suggest that momentum remains firmly on the Bulls’ side.
If it doesn’t exceed $4,860 in the short term, a healthy retest could occur towards the $4,300-$4,400 zone, and we will work with the breakout area from early August. This level could serve as a strong support before new attempts at high prices.
Dall-E special images, TradingView chart
