Ethereum Holds Firm Despite $4,700 Pullback
Ethereum experienced a sudden correction from its recent high of $4,700, dipping below $4,500 and trading around $4,238 at the time of writing. On-chain analytics from Glassnode reveal significant accumulation at the $4,400 support level, as shown by the Ethereum Cost Basis Heatmap metric. This dip-buying behavior spans both retail and institutional investors, who view the pullback as a strategic entry point rather than an exit. Additionally, the ETH Realized Price-to-Liveliness Ratio flagged the +1σ active realized price of $4,700 as a recurring resistance level, tempering further upside. Despite a 7% decline in 24-hour trading volume suggesting softer short-term sentiment, the strong support cluster underscores sustained investor confidence.
Bullish
Glassnode’s on-chain data highlights robust accumulation at the $4,400 support level and dip-buying across retail and institutional investors, signaling conviction rather than capitulation. The Cost Basis Heatmap and Realized Price-to-Liveliness Ratio both point to $4,700 as a key resistance, mirroring past pullbacks that preceded renewed rallies in March. Although trading volume dipped by 7%, such temporary volatility often attracts swing traders seeking entry, underpinning short-term buying pressure. In the long run, consistent support clusters and positive on-chain sentiment suggest that this correction reinforces the bullish trend, offering traders a clearer risk-reward profile for future positions.