The Ethereum market is showing early signs of strength, despite a month of low momentum and decline. Whales have aggressively acquired $1.6 billion in ETH, equivalent to 460,000 coins, in just four days. This activity, revealed by Santiment data, suggests renewed and growing confidence in Ethereum’s recovery.
Whale activity has become the key driver of current market sentiment. Specifically, addresses holding between 1 and 10 million ETH are leading this accumulative trend. Their behavior often sets the tone for the broader market direction. This massive buying spree underscores that large institutional investors view current ETH prices as a discount opportunity, not a warning sign.
In addition to whale accumulation, Ethereum’s macro momentum shows further improvement. The “Age Consumed” metric is declining notably, according to the data. This reflects a significant slowdown in selling by long-term holders (LTHs). Historically, LTH selling is a factor that amplifies market downturns. Therefore, its reduction eases selling pressure and stabilizes price action.
Can ETH break the key resistance at $3,607?
At the time of writing, the ETH price sits at $3,540. The cryptocurrency is attempting to break the immediate local resistance at $3,607. Overcoming this level is absolutely crucial for bullish momentum to return. If these strengthening factors continue, Ethereum could succeed and advance toward the next target at $3,802. Reaching that level would help challenge the prevailing downtrend of the last month.
However, the downside risk still persists in the short term. If Ethereum fails to consolidate and surpass the $3,607 barrier, it could pull back. Immediate support is found at $3,287. Losing that floor would expose the price to a much deeper drop, possibly toward $3,131. This scenario would invalidate the emerging bullish outlook and the confidence in Ethereum’s recovery.
