Ethereum has surged beyond the critical $3,500 resistance level, signaling a strong uptrend and potential entry into a Wyckoff markup phase typically characterized by sustained bullish momentum. This technical development coincides with substantial institutional demand, driving the market’s focus toward the next key resistance at $4,000.
Spot Ethereum ETFs recorded $2.27 billion in inflows during July, spearheaded by BlackRock’s ETHA fund which attracted nearly $500 million alone. Whale accumulation intensified dramatically, surging 95% month-over-month to approximately 1.49 million ETH. Entities like crypto-focused gaming company SharpLink Gaming notably expanded their holdings, reflecting heightened institutional confidence.
Technical indicators reinforce the bullish outlook, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both trending positively. Additionally, Ethereum maintains position above both its 50-day and 200-day moving averages, confirming robust upward momentum.
Market analysts identify the $4,000 threshold as the primary barrier for sustaining the current rally. A decisive break above this level would strengthen the case for an extended bullish cycle in Ethereum’s market structure.