Ethereum is soaring towards its all-time high, reaching a robust $4,700 level, marking its strongest performance since November 2021. The bullish momentum has been steadily building, fueling market optimism as ETH hovers just below the key breakout point of $4,860, signaling a potential for a significant price discovery phase.
Adding a layer of intrigue to the current market excitement, Arkham Intelligence, a renowned blockchain analytics platform, has unveiled a captivating narrative. Their findings uncover a tale of a prominent individual who has lost access to a wallet containing over $1.1 billion in Ethereum. This substantial sum is now locked away due to forgotten or inaccessible credentials, creating a scenario where this fortune may remain dormant unless the access is somehow regained.
Amid the high spirits and promising technical indicators, traders are eagerly awaiting to witness whether ETH can surpass its previous all-time high and embark on a new era marked by unparalleled valuations and captivating blockchain stories.
Ethereum’s Impending Breakout as a Lost Billion-Dollar Wallet Story Emerges
The recent revelation by Arkham Intelligence sheds light on a fascinating episode in Ethereum’s history, emphasizing both the potentials and risks associated with early cryptocurrency investments. According to their report, Rain Lohmus, a prominent Estonian investor and entrepreneur, made a mere $75,000 investment in ETH during the 2015 initial coin offering (ICO).
Those initial coins, acquired during Ethereum’s nascent stages, have now ballooned to a value exceeding $1 billion. Regrettably, Lohmus has lost access to the wallet, rendering this colossal fortune permanently out of reach unless the crucial credentials are recovered—a daunting challenge without the original access details.
This narrative unfolds at a crucial juncture for Ethereum. With the asset trading around $4,700, inching closer to its previous peak at $4,860, the market dynamics are becoming increasingly favorable for the bulls. The swift depletion of supply on exchanges and over-the-counter (OTC) platforms indicates robust accumulation by both retail and institutional investors, intensifying upward price pressure as the available coins for sale dwindle.
Ethereum stands on the brink of uncharted territories, and the broader altcoin market is displaying signs of revival, propelled by Ethereum’s commanding position. The upcoming days hold significance in determining whether Ethereum will surge past existing barriers, setting new records and potentially catalyzing a fresh wave of altcoin surges.
Price Assessment: Approaching All-Time High Resistance
Ethereum (ETH) is currently priced at $4,699 on the weekly chart, marking a 10.52% increase in the latest session as bullish momentum propels the asset towards its all-time high near $4,860. The recent rally has been fueled by a decisive breakthrough above the $3,860 resistance zone, now acting as robust support.
From a technical standpoint, ETH is comfortably above its 50-week SMA ($2,776), 100-week SMA ($2,763), and 200-week SMA ($2,443), reflecting a robust long-term bullish trend. The sharp upward turn in the 50-week SMA slope underscores the strength of the ongoing rally. The steep breakout from the $2,852–$3,860 range highlights considerable buying pressure, likely supported by institutional flows and reduced exchange supplies.
A successful close above $4,860 could propel ETH into a price discovery phase for the first time since November 2021, potentially triggering rapid gains as momentum traders and long-term investors increase their positions. Nonetheless, the $4,700–$4,860 range presents a significant resistance zone where profit-taking activities might momentarily impede the upward momentum.
Image credits: Dall-E (featured image), TradingView (chart)
