Ethereum Nears ATH as Record Network Activity Creates Breakout Decision Point

I see Ethereum rallying strongly — up ~29% over the week and trading around $4,662 — while daily transactions hit a record ~1.875M, signaling intense demand for block space. The market sits at a decision point near the $4,750–$4,800 resistance zone that previously capped rallies.

On-chain flow data show sustained exchange outflows (SMA30 ≈ -40k ETH), likely driven by spot ETF and institutional demand, which supports further upside. However, a defended resistance or signs of overheating could trigger consolidation or a retracement toward roughly $3,950.