• Ethereum trades at $4,670, just 4.52% shy of its $4,891 all-time high set in November 2021.
• Large holders accumulate ETH as retail sellers exit, lowering market resistance to new highs.
• Rising volume, strong technicals, and heavy short liquidations fuel Ethereum’s bullish momentum.

Ethereum currently trades at $4,670 and is only 4.52% off all-time highs at $4,891, recorded on November 16, 2021. Such a move to a historical price point is occurring in the midst of a powerful 2025 rally, but retailers have been taking off their positions instead of keeping these holdings.

According to data provided by the analytical platform Santiment, the history of the market shows that the prices of cryptocurrencies are frequently moving contrary to the existing retail sentiment. 

Whales Clear Ethereum’s Path to ATH

In the beginning of the year, there have been parabolic price moves both in mid-June and late July that were followed by sharp price corrections. The ongoing rally is more diverse in its basis, as fear and doubt primarily drive small investors into the financing of this trend despite the increasing price.

Also Read: Ethereum Price Targets $5,210 Amid Massive Institutional Buying

Massive into big players seem to be silently hoarding ETH as the retail sellers opt out of the market. Such movement of coins out of weak hands into strong ones has provided an environment where the selling pressure is low. Ethereum has a better way of exceeding its all-time high of just over a year ago, with fewer retail traders posing significant opposition.

Ethereum Gains Strength on Volume Spike and Short Squeeze

Coinglass notes that the total market turnover is extremely high. The trading volume in the last 24 hours increased by 31.22% to reach $193.62 billion, and open interest rose by 12.91% to reach $64.39 billion. The ETH open interest weighted rate funding of 0.0091% is steady and shows a market that is well balanced without too much leverage long side.

Liquidation figures support the point that there was a powerful ascending tendency. Liquidations totaled $284.58 million over the previous 24 hours, of which short positions accounted for $242.55 million and longs for $42.03 million. The imbalance is indicative of shorts being driven out of the market as it keeps rising in price.

Technical indicators point in favor of the bulls. The MACD line is far above the signal line and histogram bars rising up in positive territory, indicating massive momentum and buyer control.

The current reading of the RSI is 78.86 and shows Ethereum in the overbought area. Although this is an indication that a pullback is likely, overbought conditions can last throughout strong rallies. Any pullback at this point would be short-term consolidation, ready to advance again.

Although currently, the market is showing an overbought signal, the sentiment of larger investors is optimistic. Increasing trade, stable funding rates, and forced short covering all conspire to argue that further gains are likely.

A breakout to a new all-time high at a price above $4,891 would not only be a tremendous milestone, but it will also be a huge achievement in the crypto market rally during this year. This would increase the institutional interest and lure away traders on the sidelines.

The next few days will play an important role to know whether Ethereum is capable of taking its momentum to the finish line. Its strong technicals, spike in trading activity, and a steady buy-up by large investors have set the stage for the historic breakout. Now the action will determine whether this will be a rally worth going into the books.

Also Read: Ethereum RSI Soars to 72.80: A Bullish Breakthrough on the Horizon?