#ETH Countdown To A New High

The bullish momentum of Ethereum's price is supported by the activity of holders. Data shows an increase in the number of addresses with a balance of over $10,000 in ETH. This number has reached over 920,000, which is the highest level since the beginning of the year.
The activity of large players often reflects strategic positioning for long-term profits. A record number of addresses with high balances indicates that influential investors expect the price of ETH to continue rising.
The market currently favors Ethereum. The open interest in futures has reached a record $35.7 billion, indicating trader activity. High open interest often foreshadows significant price changes, as it reflects active market participation.
Funding rates for Ethereum futures are mostly positive. This indicates that traders are willing to pay to maintain long positions, which is characteristic of strong bullish trends.
As of the writing of this analysis, Ethereum is trading at $4,723, just 5.8% below the $5,000 mark. The asset has stabilized at the $4,500 level, which strengthens its bullish outlook. This three-and-a-half-year high inspires buyers who see $5,000 as the next key target.
Thanks to strong accumulation, record interest in futures, and positive funding rates, Ethereum's path to $5,000 appears solid. Once this level is surpassed, the momentum could drive the price even higher, possibly to $5,500 in the coming weeks.
The bullish scenario depends on investor sentiment. If traders start to take profits, ETH could fall below $4,500. If the price consistently drops below this level, it could reach $4,200, which would weaken the current upward trend and slow further growth.