$4,891, price discovery begins as the risk of pullback increases
The post $4,891, price discovery begins as the risk of pullback increases appeared on BitcoinEthereumNews.com.
Intraday surge of Ethereum by approximately +1.9%, new all-time high on Coinbase at $4,891 and a market capitalization that, at current prices, approaches $600 billion according to market estimates. Ethereum reached a new peak compared to previous sessions and opened a phase of price discovery, with strong interest from operators; it should be noted that attention remains high on the risks associated with possible short-term corrections. In our intraday monitoring, we detected a recurring pattern of aggressive orders and rapid execution at resistance levels, consistent with decreasing ETH reserves on CEX. According to on-chain data consulted during the breakout session, the depth of the order books was significantly reduced compared to the weekly average, increasing the likelihood of amplified movements. In brief: key numbers New ATH on Coinbase: $4,891 (November 10, 2021, 17:40 UTC) Coinbase Previous record (November 9, 2021): approximately $4,800 – increase of about +1.9% compared to the old maximum CoinMarketCap Estimated intraday rise: from area $4,700 to $4,891 (approximately +4%) Context: increasing volumes and reduced book liquidity, especially during the weekend; in this context, attention is focused on the possible return of the institutional component at the beginning of the week How the breakout was unlocked The push came from a combination of accelerating demand and declining available supply on centralized exchanges. Several on-chain analyses, conducted by platforms like Glassnode and CryptoQuant, indicate that ETH reserves on CEX have reached multi-year lows: a factor that tends to amplify movements when aggressive buy orders arrive. This condition reduces the amount of supply “on the market” and, with contained slippage, allows buyers to force new price levels beyond historical resistances. An interesting aspect is the speed with which intermediate levels were absorbed, demonstrating widespread interest. The chronicle of the maximum: data and context Intraday maximum: $4,891 on Coinbase Time:…
