Ethereum’s price has pulled back from a recent high of $3,941 but is currently consolidating near $3,749. Maintaining support above the critical $3,300 level remains crucial for bullish continuation.
Significant whale accumulation has provided strong support during this period. Since early July, large investors (whales) have purchased over 640,000 ETH, reflecting institutional confidence. This includes a notable transfer of 12,000 ETH originating from a Galaxy Digital OTC wallet.
The significant institutional endorsement is further evidenced by the BlackRock Ethereum ETF (ETHA), which holds over three million ETH worth an estimated $11.36 billion, underscoring robust institutional demand for the asset.
Supporting the potential upside, crypto analyst Ali projects price targets of $4,220 and $5,140 should Ethereum successfully hold the $3,300 support level. Achieving these targets also depends on favorable readings from the MVRV Pricing Bands.
However, historical resistance around the $4,500 level, marked by Glassnode’s ETH +1σ Active Realized Price band, could pose a challenge. This level has previously acted as a ceiling during prior bull runs.