Ethereum Price Surges 15% Weekly Targeting $4,700 Resistance Amid Rising Market Momentum

Ethereum (ETH) has demonstrated significant technical strength, trading above key moving averages and showing a 52% premium above its 200-day simple moving average, signaling robust buying pressure and technical independence from broader market trends. The price recently surged 15% in a week, reaching levels near $4,637 to $4,650, with traders eyeing resistance around $4,644 to $4,700, where a breakout could lead to further gains toward $4,900 to $5,000. On-chain data highlights increased staking participation and institutional involvement, contributing to bullish momentum and reducing liquid supply, while leveraged position liquidations suggest short-covering has strengthened upward price action. However, despite strong price performance, Ethereum's network activity, measured by transfer counts, has sharply declined from August to mid-September, indicating a bearish divergence between price and actual network usage that raises caution about sustainability. This divergence suggests that while speculative momentum drives prices higher, fundamental engagement remains subdued, creating a complex scenario for Ethereum's near-term outlook. Overall, Ethereum's price dynamics reflect a balance between bullish technical signals and cautionary fundamental indicators amid ongoing developments in the ecosystem.