Whales Push Ethereum Price to $3,600: $4,100 on the Horizon?

Ethereum’s market is making waves as significant whale investments drive prices past $3,600, sparking discussions about whether $4,100 is the next milestone. This surge comes alongside bullish technical indicators, increasing institutional inflows, and growing spot ETF investments.

Whale Activity Powers Ethereum’s Ascent

Ethereum has witnessed a sharp increase in major holdings, with whale balances surging by $37.32 billion in just seven days. This brought the total balance from $442.67 billion to a staggering $479.99 billion, marking a clear rise in large-scale investor confidence.

• Holdings over $10 million saw the largest increase, jumping from $379.07 billion to $411.91 billion.
• Mid-level bands, such as $1 million to $10 million, also rose from $35.79 billion to $38.13 billion.
• Even smaller investments, between $100,000 to $1 million, edged higher, moving from $27.81 billion to $29.91 billion.

This accumulation by whales reflects growing optimism about Ethereum’s potential, especially as the asset breaks through key resistance levels.

Technical Indicators Signal Bullish Momentum

Ethereum’s price charts have been buzzing with bullish signals. On the 4-hour timeframe, several notable patterns and indicators point toward sustained upward momentum:

1. Golden Crossover
   A crossover of the 50 EMA (Exponential Moving Average) over the 200 EMA suggests long-term bullish prospects.
2. RSI in Overbought Territory
   The Relative Strength Index (RSI) shows strong buying momentum, pushing into overbought zones above $3,600.
3. Fibonacci Levels
   Ethereum has maintained dominance above the 50% Fibonacci retracement level at $3,604, with its next challenge being the 61.8% Fibonacci level near $3,723.

While these indicators highlight robust buying pressure, Ethereum’s price faces a critical consolidation range between $3,604 and $3,723. A breakout above this range could pave the way toward $4,109, a previous swing high.

Institutional Support Back on Track

Institutional investors are also playing a pivotal role in Ethereum’s rally. Spot ETFs tied to Ethereum have experienced remarkable growth over the past two months, with total net assets reaching $13.03 billion—nearly double the $6.94 billion seen just two months ago.

Last Friday alone, Ethereum spot ETFs recorded a daily net inflow of $58.79 million. Despite a weekly net outflow of $38.20 million, the overall trend remains strongly positive, reinforcing the narrative of institutional confidence.

Near-Term Targets and Risks

Ethereum is flirting with the $3,700 mark, where resistance is evident. Analysts suggest that a bullish breakout could propel the cryptocurrency toward $4,109, marking a significant milestone for investors. However, potential risks include:

• Pullback to Support Levels
  A failure to break $3,700 could lead to a short-term pullback, with strong support identified at $3,500.
• Market-Wide Volatility
  Ethereum’s trajectory could also hinge on Bitcoin’s performance, as Bitcoin approaches the psychological barrier of $100,000.

What’s Next for Ethereum?

As Ethereum builds momentum, all eyes are on its ability to clear the $3,700 resistance. On-chain data, technical signals, and whale activity collectively suggest that Ethereum’s bullish trend has more room to run. Should the breakout occur, $4,109 may not be far off, keeping investors optimistic for the near term.