Ethereum Whales Accumulate at $3.7K Resistance, Eyes $4K
Ethereum price has stabilized around the $3,700–$4,000 range after rebounding from lows near $3,800, with on-chain data showing significant whale accumulation. Major wallets withdrew 10,050 ETH from Kraken and 24,007 ETH via Galaxy Digital’s OTC desk, while the “#66kETHBorrow” account added 163,680 ETH in two days. Facing critical resistance at $4,000–$4,100, Ethereum needs a close above $3,700 to trigger a relief rally toward $4,250; failure could see a retest of support near $3,200–$3,400. Traders also watch the ETH/BTC trading pair for a potential downtrend reversal in the 0.035–0.037 BTC range. On the institutional front, JP Morgan’s acceptance of ETH as collateral and forthcoming US Treasury and IRS guidance on crypto ETFs boost mainstream adoption, despite modest outflows from ETH exchange-traded products. Regulatory clarity also enhances staking rewards appeal. Overall, growing whale activity and institutional integration support a bullish outlook for Ethereum, with traders eyeing key resistance and support levels for trading opportunities.
Bullish
The combined reports highlight significant whale accumulation at key support levels and growing institutional integration, such as JP Morgan accepting ETH as collateral and positive ETF guidance from US authorities. These factors strengthen market confidence and reduce selling pressure, potentially triggering a near-term relief rally above $4,000 and reinforcing a bullish trend. In the long term, enhanced regulatory clarity and increased staking opportunities support sustained demand for Ethereum, while technical resistance at $4,000–$4,100 acts as a clear target for an upside breakout. Traders can leverage these insights to plan entry points around tested support levels and monitor resistance for breakout confirmation.