#ETH Breaks $3600#

Ethereum has broken through a key resistance level, and on-chain data and the futures market indicate that ETH may continue to rise.
Analysis of the exchange's reserves, financing rates, and price structure indicates Ethereum
It may increase by 32%, reaching $4,541.
As of July 16, the exchange's Ethereum reserves amounted to 19.7 million ETH. This level is almost the same as the indicator on October 9, 2024—shortly after which Ethereum rose by 75% within two months. The surge at that time began with a similar reserve base and was accompanied by persistent outflows. Although similar reserve levels have been observed before, the correlation between July and October is significant, as prices were rising during both periods.
The net outflow from exchanges remains negative. On July 16, exchanges withdrew 147,400 ETH. This indicates that users are more inclined to transfer their Ethereum to self-custody or cold wallets. Generally, this is associated with the intention to hold rather than sell assets. As a result, the price of Ethereum absorbed the profit-taking and maintained demand. The inventory on exchanges remains limited, which reduces selling pressure.
The current pull reminds people of October 2024. At that time, the reserve level of ETH was similar, followed by an increase of over 75%. If history repeats itself, Ethereum's next target is the 1.618 Fibonacci level of $4 541 (, ). This implies a potential growth of 32% from the current level. New all-time highs may even be possible.