Ethereum’s price soared 48% in July, significantly outperforming Bitcoin’s 8% gain during the same period, as the cryptocurrency consolidates near $3,500 amid anticipation of a decisive breakout above the critical $4,000 resistance level.
Analysts observing market cycles highlight similarities to patterns from 2017 and 2021, where volatile corrections consistently preceded major price surges. This historical pattern fuels expectations that Ethereum could break through its current resistance threshold in the near term.
Supporting the bullish sentiment, on-chain data reveals increased whale accumulation, with addresses holding over 10,000 ETH reaching their highest concentration since 2023. This accumulation trend is often viewed as an indicator of major holder confidence in price momentum.
Technical analyses indicate Ethereum is undergoing a healthy consolidation phase after its sharp rally. Multiple indicators suggest a potential push toward testing the $4,000 barrier, with a successful breach possibly paving the way for new all-time highs in the coming weeks.