Ethereum Nears ATH as Record Activity and Outflows Support Rally

I see Ethereum up 29% in a week and trading near its 2021 peak, sitting just below the $4,750–$4,800 supply zone. Network activity has hit a record ~1.875M daily transactions and exchange flows show sustained outflows, which supports continued demand.

This is a clear decision point: a confirmed breakout above $4,750 on sustained volume could push ETH into price discovery, while sellers defending the zone could trigger consolidation or a retracement toward the ~$3,950 support.

Given the combination of strong on‑chain fundamentals and short‑term overheating risk, I favor disciplined entries on weakness rather than aggressive buying at current levels.