Ethereum Approaches Record High Amid $1 Billion Wallet Loss Revelation
Ethereum is on the cusp of making history as it edges closer to surpassing its all-time high after reaching the significant $4,700 mark. This is its most robust position since November 2021. With bullish momentum gaining strength, optimism is returning to the market, positioning ETH just beneath its $4,860 peak. A breakthrough at this level could lead to a long-awaited phase of price discovery.
Adding to the excitement, Arkham Intelligence—a renowned blockchain analytics firm recognized for unveiling the identities behind blockchain wallets and transactions—has discovered a noteworthy narrative. Their research indicates a prominent figure has lost access to a wallet containing over $1.1 billion in Ethereum. This loss results from forgotten or inaccessible credentials, effectively locking away a significant fortune unless recovered.
As market sentiment remains high and technical indicators suggest a potential breakout, traders are watching closely to see if Ethereum can finally surpass its previous record and embark on a new era of market history, characterized by unprecedented valuations and remarkable blockchain stories.
Advertisement Banner
Ethereum on the Verge of Historic Breakout Amid $1 Billion Wallet Loss
Recently, Arkham Intelligence has unveiled a fascinating chapter in Ethereum’s journey, highlighting both the immense potential and inherent risks of early cryptocurrency investments. Their report features Rain Lohmus, a prominent Estonian investor and entrepreneur, who invested a mere $75,000 in Ethereum during its 2015 initial coin offering (ICO).
These coins, acquired when Ethereum was in its nascent stage, would now be valued at over $1 billion. Unfortunately, Lohmus has lost access to the wallet, rendering the substantial fortune permanently inaccessible unless the original credentials are retrieved—a nearly impossible task without the keys.
This story emerges at a critical juncture for Ethereum. The cryptocurrency is trading near $4,700, approaching its all-time high of $4,860, and market dynamics are increasingly favoring bullish sentiment. The supply on exchanges and over-the-counter (OTC) desks is rapidly diminishing, indicating strong accumulation from both retail and institutional investors. As fewer coins become available, upward price pressure escalates, particularly when demand remains robust.
Ethereum is poised to enter unexplored territory, with the broader altcoin market showing renewed vitality, spurred by ETH’s leadership. The coming days could prove crucial in determining whether Ethereum breaks decisively higher, setting new records and potentially sparking a fresh wave of altcoin rallies.
Price Analysis: Approaching All-Time High Resistance
Ethereum (ETH) is currently trading at $4,699 on the weekly chart, experiencing a 10.52% increase in the latest session, as bullish momentum propels the asset towards its all-time high of $4,860. The recent surge has been driven by a decisive breakout above the $3,860 resistance zone, which now serves as strong support.
Technically, ETH is trading well above its 50-week SMA ($2,776), 100-week SMA ($2,763), and 200-week SMA ($2,443), reflecting a solid long-term bullish trend. The sharp upward slope of the 50-week SMA underscores the strength of the current move. The vertical breakout from the $2,852–$3,860 range highlights intense buying pressure, likely supported by institutional flows and a reduced exchange supply.
If Ethereum can close above $4,860, it will enter a price discovery phase for the first time since November 2021, potentially triggering accelerated gains as momentum traders and long-term investors increase their positions. Nevertheless, the $4,700–$4,860 range remains a critical resistance zone where profit-taking might momentarily slow the rally.
Our Editorial Process
Our editorial process at Bitcoinist is dedicated to delivering thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, with each page undergoing rigorous review by our team of top technology experts and seasoned editors. This meticulous process ensures the integrity, relevance, and value of our content for our readers.
“`
