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ETH price touches $4700 resistance level again, the market may face selling pressure.
[Coin World] Glassnode data shows that the ETH price has stalled again 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 and facing significant selling pressure.