Ethereum (ETH) surpassed $4,900 for the first time, establishing a new all-time high of $4,946. Analysts note that while Bitcoin (BTC) is showing signs of exhaustion, Ethereum continues to gain momentum, driven by increasing demand amid shrinking exchange reserves. The market is currently in a phase called price discovery, where ETH's recent price movements have broken past previous highs. Analyst Miles Deutsher highlights this shift, indicating a preference for ETH as BTC's upward momentum fades. The decreasing supply of ETH on exchanges could lead to a supply shock, whereby increased demand against dwindling available coins may amplify price growth. However, there are warnings about potential pullbacks following such weekend breakouts, suggesting that initial price movements could reverse as liquidity returns to normal at the start of the week. Despite this caution, traders remain optimistic about Ethereum's continued ascent as historical overhead resistance has been breached, with no previous highs to impact current trading behavior.

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