Ethereum Nears Key $3,800 Resistance Amid Whale Accumulation and Institutional Interest

Key Points

1. Ethereum's price action resembles Bitcoin's 2018-2020 accumulation and breakout phase, with a potential breakout above a descending resistance line signaling upward momentum.

2. BlackRock's $440 million Ethereum purchase boosts institutional confidence and increases expectations for a Spot Ethereum ETF approval.

3. On-chain data shows $88.6 million worth of ETH withdrawn from exchanges, indicating significant whale accumulation.

4. Ethereum's technical setup includes an ascending triangle pattern and volume compression near $3,800, suggesting traders are preparing for a decisive move.

5. Layer 2 network activity and the Dencun upgrade have improved Ethereum's scalability and user adoption, supporting its bullish outlook.