The case for Ethereum – Why its $4K setup isn’t just speculation!

Key Points

1. Ethereum has withdrawn 1 million ETH from exchanges this month, indicating accumulation rather than profit-taking.

2. ETH's Open Interest hit a record $60 billion, signaling strong market conviction and liquidity.

3. Over 98% of ETH supply is in profit, with realized profits reaching $1.25 billion, yet the price remains steady near $4K.

4. Futures market activity and liquidation heatmaps suggest potential for a price squeeze if momentum continues.

5. Ethereum's RSI reached above 85, indicating overbought conditions, but the price has shown resilience with only minor pullbacks.