Ethereum has been pacing inside the same cage since 2021.
That ~$4,900 level isn’t just resistance — it’s unfinished business from the last cycle, where momentum peaked and liquidity got trapped.
Every rally since then has knocked on that door… and failed.
Which means one thing: pressure is building, not fading.
When ETH finally reclaims that level with conviction — not a wick, not a fake breakout — you’re looking at a structural shift.
Range highs turn into fuel. Sellers turn into buyers. And sidelined capital rushes in late, as always.
That’s when it stops being a recovery narrative…
and starts behaving like a real bull phase.
Until then? It’s still a market proving it deserves higher.