Ethereum has witnessed exceptional growth this quarter. It has surged over 8% in the past 24 hours alone to trade above $4,600.

But retail traders remain in disbelief as the altcoin edges closer to its all-time high, now just 6.3% shy of the $4,891 record from November 16, 2021.

Retail Fear

Despite the rally, smaller investors have continued selling rather than buying. According to the latest data shared by Santiment, this move echoed a sentiment trend historically linked to price moves opposite retail expectations.

While pullbacks followed extreme greed in June and July 2025, current sentiment is dominated by fear, uncertainty, and doubt even as the leading altcoin logs new highs.

With larger players steadily absorbing the coins sold by smaller holders, the crypto analytic platform believes ETH has little sentiment-based resistance before potentially climbing to its historic peak and exploring new price levels.

Altcoin Vector, for one, observed that Ethereums new peak is only a matter of time, and when the crypto asset breaks a significant technical barrier, it often sparks a market rotation, where capital flows from Bitcoin or stablecoins into altcoins. This is particularly true for those closely tied to Ethereums ecosystem.

The platform revealed that ETHs breakout is not only bullish for itself but also acts as a catalyst for narratives like Liquid Staking Derivatives (LSDs), DeFi protocols, and ETH-Beta tokens. A weekly close above the all-time high would validate the breakout on a higher timeframe, which could potentially lead to more upside pressure and usher in the next phase of the cycle.

Price Targets

Ethereums daily transactions have reached a record 1.875 million. This is a confluence point, as price approaches a major supply area, while network fundamentals show peak activity. A decisive breakout above $4,750, supported by a steady transaction momentum, could trigger a new price discovery phase.

On the other hand, strong seller defense may lead to short-term consolidation or a pullback toward $3,950.

Meanwhile, Ethereums long-term holder sentiment also shifted from capitulation to belief, which can be a sign of early bullish cycle stages. Experts say that reduced selling pressure and stronger holding behavior set a favorable backdrop for price growth. According to crypto analyst Ali Martinez, ETHs next hurdles are $5,210 and $6,946, respectively.

In terms of other network fundamentals, new smart contract creation hit an all-time high following the Pectra upgrade. As such, continued developer activity, surging DeFi and NFT usage, and record contract growth strengthen the case for Ethereums next upward leg toward these resistance targets.