Ethereum breaks through $4,600

Golden Finance reported that ETH has broken through $4,600, currently trading at $4,632.1, a 24-hour gain of 8.87%.

This not only marks a new recent high, but also signals a significant strengthening of bullish market momentum. As the second-largest cryptocurrency by market capitalization, ETH's breakthrough has solidified its leading position and may pave the way for a subsequent challenge to its all-time high (around $4,800), attracting widespread investor attention.

ETH's strong performance has quickly spread to its Layer 2 solutions (such as Optimism and Arbitrum) and leading DeFi protocol tokens, driving a broad rally in related sectors.

On-chain data also shows an increase in holdings by whale addresses and a decline in ETH reserves on exchanges, further confirming the market's bullish sentiment.

Looking ahead, the effectiveness of $4,600 in transforming from resistance to support will be crucial.

If it holds above this level, the path to the all-time high of $4,800 will become clearer. Market participants are closely monitoring future capital inflows and the impact of macroeconomic changes on risky assets.