Ethereum is on the verge of breaking its all-time high after surging to the $4,700 level, its strongest price since November 2021. Bulls remain firmly in control, with momentum building after weeks of steady gains that have reignited market optimism. The rally has positioned ETH just shy of the $4,860 peak, a breakout point that could usher in a long-awaited price discovery phase.
Adding intrigue to the current bullish backdrop, Arkham Intelligence — a blockchain analytics platform known for deanonymizing the individuals and companies behind blockchain wallets and transactions — has uncovered a remarkable story. According to their findings, a prominent figure has lost access to a wallet holding over $1.1 billion worth of Ethereum. The loss stems from forgotten or inaccessible credentials, effectively locking away a fortune that will never enter the market unless recovered.
With sentiment riding high and technicals pointing to a breakout, traders are watching closely to see if ETH can finally surpass its all-time high and enter a new chapter in its market history — one defined by both record valuations and extraordinary blockchain narratives.
Those coins, purchased when Ethereum was still in its infancy, would today be worth over $1 billion. Unfortunately, Lohmus lost access to the wallet, rendering the fortune permanently inaccessible unless the keys are recovered — a near-impossible feat without the original credentials.
This story surfaces at a pivotal moment for Ethereum. The asset is trading near $4,700, within striking distance of its all-time high at $4,860, and market dynamics are turning increasingly favorable for bulls. Supply on exchanges and over-the-counter (OTC) desks is drying up rapidly, a sign of strong accumulation from both retail and institutional players. As fewer coins are available for sale, upward price pressure intensifies, especially when demand remains strong.
Ethereum is on the verge of entering uncharted territory, and the broader altcoin market is showing renewed signs of life, fueled by ETH’s leadership. The next few days could be critical in determining whether Ethereum breaks decisively higher, setting new records and potentially igniting a fresh wave of altcoin rallies.
Ethereum (ETH) is trading at $4,699 on the weekly chart, up 10.52% in the latest session, as bullish momentum pushes the asset toward its all-time high near $4,860. The recent rally has been fueled by a decisive breakout above the $3,860 resistance zone, which now acts as strong support.
Technically, ETH is trading well above its 50-week SMA ($2,776), 100-week SMA ($2,763), and 200-week SMA ($2,443), reflecting a strong long-term bullish trend. The slope of the 50-week SMA has turned sharply upward, underscoring the strength of the current move. The vertical nature of the breakout from the $2,852–$3,860 range highlights intense buying pressure, likely supported by institutional flows and reduced exchange supply.
If ETH can close above $4,860, it will enter price discovery for the first time since November 2021, potentially triggering accelerated gains as momentum traders and long-term investors add to positions. However, the $4,700–$4,860 range remains a major resistance zone where profit-taking could temporarily slow the rally.
Featured image from Dall-E, chart from TradingView
