#ETH Breaks $3600#

Ethereum has broken through a key resistance level, while on-chain data and the futures market suggest 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 stand at 19.7 million ETH. This level is almost identical to the benchmark on October 9, 2024—just after which Ethereum rose by 75% within two months. The rally at that time began from a similar reserve base and was accompanied by sustained outflows of funds. 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. Typically, this is associated with the intention to hold rather than sell assets. As a result, Ethereum's price absorbed 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 means a potential growth of 32% from the current level. New all-time highs may even occur.