Ethereum Targets $3,700 as Massive ETH Accumulation Fuels Market Frenzy

Whale wallets are swallowing Ethereum at a pace that's turning heads across crypto trading desks.

The Accumulation Signal

Forget subtle hints—this is a full-scale buy-in. Large-scale investors aren't just dipping toes; they're diving into ETH pools, betting big on a push toward the $3,700 mark. It's the kind of concentrated buying that historically precedes major price movements, a classic 'smart money' move that leaves retail traders scrambling to catch up.

Market Mechanics in Motion

Supply shock dynamics start to whisper when accumulation hits these levels. Available ETH on exchanges tightens, creating a classic squeeze setup. The market's attention has pivoted, with every major move now scrutinized for confirmation of the bullish thesis. It's a high-stakes game of chicken between accumulating whales and short-term sellers.

The $3,700 Horizon

That price target isn't plucked from thin air—it represents a critical technical and psychological barrier. Breaking through requires sustained momentum, the very kind this accumulation wave might provide. The path won't be linear; expect volatility as the market digests each large transfer and tests conviction at key resistance levels. After all, in crypto, even the most promising setups can get derailed by a single tweet from a billionaire with too much time on his hands—the ultimate 'cynical finance jab' against centralized influence in a decentralized dream.

Watch the wallets, not the headlines. The real story is written in blockchain transactions, not press releases.

Ethereum Eyes Potential Bullish Breakout Soon

Well-known market analyst CRYPTOWZRD pointed out that Ethereum closed the last trading session with an uncertain trend. According to his observations, what is currently required is the start of an upwards movement for the ETH/BTC pair to give Ethereum a stronger push. His focus during the next trading session, again, shall be on the formation of the next quick entry.

Ethereum’s Daily candle and the ETH/BTC Daily chart finished without a clear sign of what is to follow. Still, the ETH/BTC can hold above the lower high trend line on the Daily chart, meaning a bullish reversal is also an option.

A possible bounce could fuel the next Ether rally, and $3,700 is the next strong level of resistance on the chart, while $2,800 is a strong support. According to CRYPTOWZRD, the next Ether trend will also be affected by the traditional market close on the Weekly chart tomorrow.

At press time, Ethereum is trading at $3,157.63, supported by a 24-hour trading volume of $29.70 billion and a market cap of $382.46 billion. The ETH has seen a slight pullback of 1.04% over the last 24 hours, but market watchers say the next MOVE could be shaping up soon.

Ethereum Intrada Follows Bitcoin Trend

During the daytime, Ether traded sideways and made it difficult to identify any setup. Crossing above the $3,230 level could present an opportunity to go long. On the flip side, another pullback to the $3,080 region, accompanied by a strong bounce, could also present an entry opportunity to go long.

As of now, Ether is expected to follow the trend of Bitcoin, with the market closely following to see what happens to BTC before the weekend.

Bitmine Acquires Massive Ethereum Holdings

In further developments to the conversation, on-chain information provided by Lookonchain indicated that Bitmine, a company founded by Tom Lee, acquired 41,946 ETH, worth approximately $130.78 million, just five hours ago. This information has generated curiosity, and acquisitions of such a high quantity are normally associated with various levels of optimism.

It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 41,946 $ETH($130.78M) 5 hours ago.https://t.co/adab0TBF5Phttps://t.co/bYWnrPoBLU pic.twitter.com/z8QPzY0q95

With value becoming increasingly tight and big players entering, it is expected to see if Ethereum is able to break out and try again to climb to the top levels of resistance.