Ethereum’s Record Quarter & Government Wallets Drive Price Action

Ethereum has delivered a remarkable quarter, recording its best performance in over three years with gains exceeding 70%. This surge was propelled by factors including expanding DeFi applications and increased institutional investment. Notably, the US government’s holdings of Ethereum have surged past $281 million, impacting price action. Analysis reveals key support levels for ETH at around $4,500 to $4,700, while resistance near $4,500 creates a compelling market dynamic. The RSI remains elevated, suggesting momentum remains strong but stretched. Will the next move be upwards or will ETH consolidate in the face of government activity and market volatility?