- Ethereum whales and institutions are actively accumulating, with over $77 million in ETH moved within a few hours signaling strong interest.
- Technical indicators and price structure show ETH is poised for a breakout, with repeated resistance at $3,200 building upward pressure.
- The Stochastic RSI and chart patterns suggest Ethereum could rally to $6,300 following current accumulation and rising market strength.
Ethereum is showing strong accumulation signs despite recent mixed signals from major market players. On-chain data from Lookonchain reveals intense whale activity surrounding ETH. A key wallet first purchased 14,994 ETH worth $27 million at an average price of $1,801. However, just three hours later, it offloaded 4,491 ETH for $8.07 million, averaging $1,797 per coin. This rapid buy-sell movement highlights indecision, or possibly strategic scalping, as the price hovers near the bottom of a major zone.
Besides that, institutional accumulation appears to be intensifying. Over the same three-hour window, a wallet tied to Cumberland withdrew 27,632 ETH, or $50.24 million, from Binance, Coinbase, and Copper. These massive outflows point to strategic long-term positioning by major players who expect an upward breakout soon.
Strong Technical Foundations Support Bullish Case
Meanwhile, technical analyst Merlijn The Trader is turning increasingly bullish on Ethereum’s price action. According to him, ETH currently sits at the bottom of a key accumulation zone. He suggests that the Stochastic RSI now signals an imminent reversal, hinting that the next major move could be to the upside.
Moreover, Ethereum’s current price stands at $1,820.58, with a modest 1.61% gain over the last session. This positions it firmly within a long-term range that has historically triggered strong rallies. The chart analysis highlights two significant accumulation phases. The first, from mid-2022 to mid-2023, saw prices range between $950 and $2,000. That period led to a strong rally peaking near $4,000 by late 2023.
Higher Lows Signal a Strengthening Market Structure
The second phase spans late 2023 to early 2025, showing higher lows between $1,350 and $3,200. This suggests improved market strength. Resistance at $3,200 has been tested multiple times, hinting at pressure building for a breakout.
Additionally, the price projection on the chart points toward a potential rally to $6,300. A cyan arrow suggests a sharp upward move following continued volatility. Furthermore, historical signals from the Stochastic RSI show repeated reversals from lows that led to major gains.
