TL;DR

Ethereum trades above $4,500 while targeting $4.88K, a key resistance for bullish breakout potential. The long-term chart shows ETH rebounding off a key trendline, following historical bullish price behavior. Over 2.6M ETH wait to unstake, showing increased network activity and long-term holder interest rising.

Ethereum Holds Above $4,500, Eyes Breakout Zone

Ethereum (ETH) was trading at $4,530 at press time, showing a 5% rise over the past seven days. Daily movement shows a slight drop of 2%, with a 24-hour trading volume of $33.6 billion. Despite minor short-term pullbacks, the asset has reclaimed the $4,500 level.

A long-term chart shared by Trader Tardigrade shows ETH continuing to follow an ascending structure that dates back to 2018. The asset has rebounded several times from the lower boundary of this formation, and each time, it has led to a sustained upward move. The most recent bounce from the lower trendline suggests that ETH could be repeating this pattern.

$ETH/weekly#Ethereum has begun the Bull Run pic.twitter.com/woYpa4Hdsm

$4,880 Seen as Make-or-Break Level

Ethereum could be targeting the $4,800–$4,880 range. This area acted as resistance during earlier price cycles. If ETH manages to close above $4,880, analysts expect a further increase. This level has served as a barrier for buyers in past attempts.

Market analyst Nami explained,

Hey everyone, Ethereum’s consolidating into something serious.

We’ve reclaimed $4,500 cleanly, and now the pressure’s mounting around $4,800-$4,880 ,that zone isn’t just resistance, it’s the test of whether the next leg up can begin.

What I’m watching:

• If $ETH closes a… pic.twitter.com/kzIBCwOVao

The current structure shows that pressure is building at this zone, and a daily close above it may open the door to higher price levels, especially if short positions are forced out.

The support zone between $4,200 and $4,400 has held during recent pullbacks. This area has absorbed selling pressure and helped ETH stabilize above $4,500. The price structure remains favorable as long as this range stays protected.

According to Nami, this support is “doing its job: protecting downside, absorbing dips.” Traders are also looking beyond price levels, tracking activity that may point to broader interest. These include market flows and signals from institutional players and funds.

Ethereum Exit Queue at Record High

Data from ValidatorQueue shows that more than 2.6 million ETH are now waiting to exit staking. As CryptoPotato reported, the current wait time to unstake has reached 45 days, the highest recorded so far. The spike began late last week and has stayed elevated.

In a recent report, CryptoQuant noted that ETH demand has shifted since the approval of spot ETFs. Ethereum is being treated more often as a long-term asset. This shift, along with on-chain growth, is seen as contributing to current momentum in the market.