Opinion: ETH Faces Key Resistance at $4,500, with This Indicator Showing Clear Effects in March 2024 and the Previous Cycle

According to ChainCatcher, Glassnode data shows that the +1σ effective realized price range for ETH (currently at $4,500) marks a key upper threshold for the current rally. This level acted as resistance in March 2024 and during the 2020-21 cycle; breaking through it typically signals a booming market and an increase in structural instability risks. The “+1σ effective realized price range” combines the concepts of Realized Price and statistical standard deviation (σ, sigma) to assess the average cost basis of market participants and the volatility of market prices.