Ethereum Breaks $4.7K Resistance: $5K ATH in Sight?

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Ethereum has finally broken out of weeks of sideways trading with a powerful rally, pushing directly into the critical $4.7K-$4.8K resistance zone. This decisive move sets the stage for either a continuation toward $5K or a pullback to retest support levels. Technical and sentiment analysis reveals the key factors driving ETH’s momentum and what traders should watch next.

  • Ethereum's breakout was driven by a short squeeze that liquidated clustered leveraged shorts, creating rapid upward momentum
  • The $4.7K-$4.8K resistance zone overlaps with the upper channel boundary, making it a critical decision point for trend continuation
  • A dense liquidity pocket exists at $4.5K-$4.4K, which could serve as a pullback target if resistance holds
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