Ethereum Shows Signs of Accumulation Amid Potential Leveraged Dip Before Possible Breakout

Key Points

1. Ethereum price is consolidating near $3,780 with strong on-chain accumulation and tightening supply.

2. $2 billion in USDT was minted, indicating fresh liquidity entering the market, likely for asset accumulation or market-making.

3. 244,000 ETH (worth nearly $900 million) was withdrawn from Coinbase, suggesting long-term holding and potential upward price pressure.

4. A short-term price dip may occur to clear leveraged positions before a breakout, as indicated by the divergence between price and open interest.

5. Strong on-chain data, including large USDT mints and ETH withdrawals, signals accumulation and bullish intent despite potential volatility.