As Ethereum Tops $4,900, Analyst Notes: “Bitcoin’s Energy Is Fading, But ETH Is Still Going Strong”

Ether Breaks $4,900 on Coinbase, Enters Price Discovery Phase Amid Mixed Analyst Outlooks

Ether (ETH) climbed past $4,900 on Coinbase Sunday at 5:40 p.m. UTC, surpassing its previous record high of $4,867 set in November 2021.

The five-year ETH-USD chart on TradingView reveals a decisive breakout, with ETH finally clearing its 2021 peak after a long period of consolidation. This ushers the asset into price discovery territory, where new highs are reached without historical resistance levels to constrain upward movement—driven mainly by market sentiment and order flow.

Over the last five days, ETH surged from the mid-$4,700s, breaking through $4,900 and hitting an intraday high around $4,946.90. At 6:48 p.m. UTC, ETH traded near $4,941.57, signaling buyers successfully absorbed supply near the old ceiling and pushed prices higher—a classic breakout formation.

Analyst Miles Deutsher summed up the shift succinctly: “BTC is exhausted, ETH isn’t.” Bitcoin’s rallies are losing steam, while Ether shows sustained momentum. An “exhausted” asset struggles to maintain upward moves, facing resistance and selling pressure; in contrast, ETH is demonstrating strong follow-through and active buying interest.

Crypto Rover highlighted the declining ETH balances on centralized exchanges, pointing to a potential “supply shock.” As fewer coins remain available on exchanges, scarcity may intensify price gains, with buyers compelled to offer higher bids to acquire coins off-exchange.

However, analyst Michaël van de Poppe cautioned that weekend breakouts can retrace as liquidity returns during the week. Weekend markets typically have thinner order books, which can exaggerate price moves. When regular trading resumes, prices may pull back to test breakout support before continuing upward—a normal consolidation that wouldn’t invalidate the broader bullish trend.