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Analysis: Ethereum faces a key resistance at $4700, while Bitcoin encounters a significant resistance at $127,000
BlockBeats News, August 13th, glassnode concluded on the current Ethereum trend based on the indicator of the +1 standard deviation level of realized price (which typically signals the start of increasing selling pressure): the $4700 price point has become a key resistance to monitor. A decisive breakthrough may portend the beginning of a more speculative phase, but if sentiment shifts, it also increases the risk of a sharp reversal.
This level holds historical significance, acting as a ceiling during the rebound in March 2024 and serving as resistance multiple times during the 2020-21 bull market cycle. In the past, when Ethereum has broken through this range, it has usually been accompanied by high investor enthusiasm and a fragile market structure.
For Bitcoin, glassnode uses the Short-Term Holder (STH) cost basis, representing the average acquisition price of new market participants, which has historically marked the boundary between bullish and bearish local regimes.
From the perspective of these pricing levels, the $127,000 level has become a key level to monitor for price reaction as it further rises and may be the first significant resistance level to overcome. Additionally, a decisive move above $127,000 may bring the $144,000 region into consideration, where the +2σ band aligns with a major resistance area and could trigger a sharp increase in selling pressure.
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