Ethereum News Today: Ethereum Hits Key $4700 Resistance as Bitcoin Nears $127000 Hurdle

According to recent market analysis, Ethereum is encountering a key resistance level at $4700, identified by the firm Glassnode through its analysis of the +1 standard deviation level of realized price. This level historically acted as a ceiling during the March 2024 rebound and served as resistance multiple times during the 2020–2021 bull market cycle [1]. A decisive breakthrough of this level could signal the onset of a more speculative phase, but it also raises the risk of a sharp reversal if market sentiment shifts [1].

Glassnode highlights that in the past, Ethereum has often broken through this range during periods of high investor enthusiasm and a fragile market structure, making the $4700 level a critical point of observation for traders and investors [1].

Meanwhile, Bitcoin is facing a significant resistance at $127,000, according to the same analysis. This level is derived from the Short-Term Holder (STH) cost basis, representing the average acquisition price of new market participants. Historically, this indicator has marked the boundary between bullish and bearish local regimes [1]. A move above $127,000 could lead the price toward the $144,000 region, where the +2σ band aligns with another major resistance area that might trigger increased selling pressure [1].

Both Ethereum and Bitcoin are currently at critical junctures, with their respective resistance levels likely to influence short-to-medium-term price action. Investors are advised to closely monitor these levels for potential breakout signals or signs of market rejection, which could determine the next directional move for both assets.

Source: [1] Analysis: Ethereum faces a key resistance at $4700, while Bitcoin encounters a significant resistance at $127,000 (https://www.theblockbeats.info/en/flash/307144)