Glassnode: Ethereum Faces Resistance at $4,700, Market May Be Overheated
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According to a report by Jinse Finance, Glassnode data shows that the price of Ethereum has once again stalled at the $4,700 level (+1σ effective realized price), with the last breakout at this resistance level occurring in March 2024. This price point has repeatedly acted as resistance throughout historical cycles, indicating that the current market may be overheated and facing significant selling pressure.
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