- Ethereum holder “0xe429” secures $7.5M profit after a nine-month wait.
- ETH price breaks out after four years of consolidation, echoing past bull cycles.
- Technical indicators show strong momentum, but overbought conditions hint at a short-term pullback.
Blockchain tracking platform Lookonchain revealed that an Ethereum address known as “0xe429” has successfully closed a major position after months of volatility.
The investor purchased 6,918 ETH in a single transaction, worth $25 million at the time, at a price of $3,614. The buy took place nine months ago, during a period when Ethereum’s market sentiment was mixed and uncertainty weighed on traders.
Throughout the holding period, the position faced heavy unrealized losses, with the value of the holdings falling by as much as $15 million during market dips.
Despite the drawdowns, the holder maintained the position until selling within the past two hours at $4,703 per ETH. This move locked in an estimated $7.5 million profit, marking a strong turnaround after months of drawdown pressure.
Also Read: Ethereum Inches to $4,891 ATH as $242 Million Shorts Get Wiped Out
Ethereum Breaks Multi-Year Structure
At press time, Ethereum was changing hands at $4,639.11, 4.66% higher over a 24-hour span and 27.63% for the week. This surge is a huge breakout after remaining in consolidation for four years, which is a technical formation last observed during that last big accumulation phase.
Price action history shows that its previous similar pattern culminated in a remarkable 54x rally from its breakout point. The present monthly chart setup is incredibly reminiscent of how Ethereum’s prior bullish run began.
Breakout has seen ETH through the Fibonacci 1.618 extension point level of $4,302, a level generally regarded in traders’ minds as a key signpost of sustained upwards capability. Market players now look ahead to further resistance levels of around $4,800 to $5,000, and psychological market sentiment is bullish.
ETH Faces Resistance Near $4,800 Amid Strong Uptrend
On the daily chart, ETH trades around $4,651, standing well above its 9-day exponential moving average of $4,220. This distance signals strong short-term bullish control.
Signs also verify momentum: the RSI at 78.63 indicates extreme purchasing pressure, and the 299.63 MACD reading compared to a 232.67 signal line indicates further power.
But with the RSI well within overbought levels and prices stuck against the upper Bollinger Band, short-term traders should be cautious of a potential correction prior to another leg higher.
Support levels are at $4,220, $3,887, and $3,212, with resistance at $4,563, $4,800, and $5,000. Price action remaining above $4,563 would stage another rally, but a fall below $4,220 would facilitate a deeper correction.
Also Read: Ethereum Price Targets $5,210 Amid Massive Institutional Buying
