Analysis: Ethereum faces a key resistance at $4700, while Bitcoin encounters a significant resistance at $127,000

August 13th, based on the indicator of the +1 standard deviation level of the realized price (which usually indicates the start of increasing selling pressure), glassnode drew a conclusion about the current Ethereum trend. The $4700 price point has become a key resistance level that needs to be monitored. A decisive breakthrough at this level may indicate the beginning of a more speculative phase, but if the sentiment changes, it will also increase the risk of a sharp reversal. This level holds historical importance. It served as a ceiling during the rebound in March 2024 and has acted as resistance multiple times during the 2020-21 bull market cycle. In the past, when Ethereum broke through this range, it was usually accompanied by high investor enthusiasm and a fragile market structure. For Bitcoin, glassnode uses the Short-Term Holder (STH) cost basis, which represents the average acquisition price of new market participants. This cost basis has historically marked the boundary between bullish and bearish local regimes. From the perspective of these pricing levels, as the price continues to rise, the $127,000 level has become a key level to monitor for price reactions. It may be the first significant resistance level to overcome. Additionally, a decisive move above $127,000 may bring the $144,000 region into consideration. At this point, the +2σ band aligns with a major resistance area and could trigger a sharp increase in selling pressure.