Ethereum is once again approaching critical levels after a stretch of volatile yet bullish price action. Following a sharp rebound from yesterdayโs low of around $3,675, ETH is now trading above the $3,800 mark, regaining momentum as traders eye a decisive move. While short-term volatility remains, the overall structure favors continuationโprovided ETH can break cleanly above the $4,000 resistance level.
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This threshold now stands as the key barrier between consolidation and a potential rally toward new highs. A confirmed breakout would likely ignite fresh bullish momentum across the broader altcoin market. Until then, price remains trapped in a narrowing range, testing both trader patience and liquidity depth.
Meanwhile, on-chain data supports the bullish case. According to blockchain analytics platform Arkham, whales have ramped up their accumulation, with large addresses steadily adding to their ETH holdings in recent days. This ongoing accumulation trend reflects growing conviction among high-cap players and adds weight to the possibility of further upside in the months ahead.
Whale Receives Ethereum From Galaxy OTC As Institutions Double Down
Ethereumโs bullish narrative gained further momentum this week after Arkham disclosed a massive on-chain transaction involving a major institutional player. A fresh wallet addressโ0xdf0A67Ded855F8ea4baB6399690883243c0e2EF3โjust received $153 million worth of ETH, purchased directly through Galaxy Digitalโs over-the-counter (OTC) desk. The scale and nature of this transaction suggest growing institutional conviction in Ethereumโs long-term potential.
This isnโt just another whale move. The fact that the ETH was funneled into a new wallet from a regulated OTC provider underscores the strategic accumulation taking place behind the scenes. As traditional finance increasingly integrates with crypto, Ethereumโs utility, programmability, and future role in tokenized finance are making it a high-conviction play among institutional allocators.
This heavy buy comes after a prolonged period of weakness. Earlier this year, ETH suffered persistent selling pressure, with price action sliding lower for months. Retail interest faded, and sentiment turned bearish. But while the public panicked, sophisticated players appear to have taken the other side of the tradeโaccumulating quietly during the downturn.
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ETH Consolidates Below Resistance
Ethereum (ETH) continues to trade in a tight range just below the key resistance level of $3,860.80, as shown in the 4-hour chart. Despite recent price volatility, ETH has remained above its 50- and 100-period moving averages, currently near $3,756 and $3,629, respectively. This suggests that bullish momentum is still intact in the short term.
Volume has picked up slightly, indicating rising interest from traders as ETH tests this critical horizontal resistance. The price has failed to close decisively above this level multiple times since July 25, highlighting its significance. However, the consistent higher lows forming over the past week point to building buying pressure beneath the surface.
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A confirmed breakout above $3,860.80 could open the door for a push toward the psychological $4,000 level and beyond. Conversely, failure to break resistance may lead to another retest of the 100-period moving average or even the $3,700 support zone.
Featured image from Dall-E, chart from TradingView
