#ETH Breaks $3600#

Ethereum has overcome a key resistance level, and on-chain data and futures markets indicate a possible continuation of the ETH rally.
Analysis of reserves on exchanges, funding rates, and price structures shows that Ethereum
may grow by 32% to $4,541.
As of July 16, Ethereum reserves on exchanges amounted to 19.7 million ETH. This level was almost identical to the figure on October 9, 2024 — shortly after which Ethereum surged by 75% over two months. At that time, the rally began with a similar reserve base and occurred against a backdrop of sustained outflows. Although such reserve levels have been observed before, the correlation between July and October makes sense, as prices rose in both periods.
Net cumulative flows on exchanges remain negative. On July 16, 147,400 ETH were withdrawn from exchanges. This indicates that users prefer to move their Ethereum for self-storage or to cold wallets. This is usually associated with the intention to hold rather than sell the asset. Thus, the price of Ethereum absorbs profit-taking and maintains demand. Supplies on exchanges remain limited, which reduces selling pressure.
The current rally resembles October 2024. Back then, ETH was trading at similar reserve levels and then surged by more than 75%. If history repeats itself, the next target for Ethereum is $4,541,(, the 1.618 Fibonacci level). This indicates a potential increase of 32% from current levels. A new all-time high is even possible.