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Glassnode: Ethereum faces resistance at $4,700, the market may be overheating
Golden Finance reports that Glassnode data shows the Ethereum price has once again stagnated at the $4,700 (+1σ effective realized price) level, with the last breakout at this resistance level occurring in March 2024. This price level has repeatedly acted as a resistance level throughout historical cycles, indicating that the current market may be in an overheated state, facing significant selling pressure.