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: November 10, 2021, 17:40 UTC
- Overcoming resistance: clear break of the area of highs recorded the previous day, without visible technical obstacles on the multi-year chart
A typical phase of price discovery is underway, during which the market progressively builds new references. The relative setup compared to Bitcoin has been summarized with the phrase: “BTC is exhausted, ETH is not,” highlighting the momentum rotation that has emerged in recent sessions.
Short-term risks: possible pullback with the return of liquidity
Some analysts, including Michaël van de Poppe, have drawn attention to the classic post-breakout pattern: with thinner books during the weekend, the return of institutional liquidity at the beginning of the week could lead to a retest of breakout areas or consolidation phases. In this context, the areas to monitor remain those of the former resistance, now configured as dynamic support, ranging between approximately $4,700 and $4,900 (Coinglass).
ETH vs. the rest of the market: the ongoing rotation
- Bitcoin: slowdown near recent highs
- Ethereum: confirmed breakout and price discovery in progress
- Altcoin: mixed performance, with an increasing directional correlation with ETH during the breakout hours
Price discovery: what changes for technical levels
In the absence of static resistances, the market tends to orient itself on psychological levels (round number thresholds) and the analysis of intraday order flows. The most reliable supports emerge from areas of high traded volume, formed during and immediately after the break. It should be noted that validation on a weekly timeframe adds credibility to the movement, distinguishing it from a simple daily spike.
Metrics to monitor in the next sessions
- Exchange reserves (on-chain): the downward trend of ETH availability on CEX, as highlighted by Glassnode.
- Funding rate and open interest (derivatives): useful indicators to assess the balance between long/short positions and the risk of squeeze.
- Book depth and spread (liquidity): elements that show sensitivity to flows in the presence of reduced market depth.
- Spot volumes and market cap: data useful to confirm the sustainability of the breakout.
Implications for the market and investors
- Continuation scenario: the positive trend could continue if demand and volumes remain robust and if support in the area $4,700–$4,900 is maintained.
- Retracement scenario: in case of profit-taking and excessive leverage, a technical pullback towards the breakout levels could occur.
- Prudent operation: attention to liquidity, risk management (see our internal guide Risk Management in crypto), and the impact of derivatives in times of high volatility.
FAQ: what will happen now to Ethereum
Does breaking the highs guarantee a prolonged bullish trend?
No. While indicating strength and a possible regime change, the possibility of retests and lateral phases cannot be excluded.
What signals confirm the sustainability of the movement?
Increasing spot volumes, stable funding rates (not excessively positive), orderly growing open interest, and further declining exchange reserves are some of the key indicators.
