- Ethereum holds above $3,300 support, keeping targets at $4,220 and $5,140 in play.
- MVRV and MACD indicators align bullish, with RSI at 77.16 showing strong momentum.
- Whales and institutions added over $2.4B in ETH, reinforcing market confidence.
Ethereum continues to trade above the $3,300 support level, maintaining bullish structure amid recent market consolidation. At the time of writing, Ethereum was priced at $3,837, supported by strong on-chain data and technical structure. Analysts suggest that if this support holds, the price could extend toward $4,220 and even $5,140 in the near term.
Technical Structure Points to Further Upside Potential
Ethereum is currently positioned near the +1.0σ band of the MVRV Pricing Bands, around $3,793.62. This on-chain metric, provided by Glassnode, tracks market valuation extremes using standard deviation bands. According to analysis prepared by Ali Charts, if the $3,300 support remains intact, Ethereum could target the +2.0σ and +3.0σ bands at $4,220 and $5,140 respectively.
Recent price action shows ETH briefly reaching $3,941 on July 28 before pulling back slightly. Despite this decline, the structure remains bullish as the price consolidates. The RSI currently sits at 77.16, showing strong momentum, while the MACD has flipped bullish with the histogram gaining strength. Reed Carson noted that “with how clean this flip is, $ETH reclaiming $4K is just hours away.”
Glassnode data also places the +1σ Active Realized Price band near $4,500, a resistance level during past cycles. Breaking above this level could accelerate the current trend, but analysts continue to watch the $3,300 level closely.
Institutional Accumulation Reinforces Market Strength
Institutional activity has picked up, supporting Ethereum’s bullish setup. According to on-chain data from Lookonchain, nine new wallets have acquired 640,646 ETH worth $2.43 billion since July 9. Wallet “0x4352” alone withdrew 20,000 ETH from Binance, and “0x3dF3” received 12,000 ETH from Galaxy Digital’s OTC desk.
BlackRock’s Ethereum ETF (ETHA) has added 1.25 million ETH since July 1, raising its total to over three million ETH worth $11.36 billion. SharpLink Gaming also increased its ETH holdings, now owning 449,000 ETH valued at $1.74 billion.
