In recent weeks, the price of Ethereum (ETH) has shown strong structural support due to large-volume purchases. Analysts have identified key resistance levels that will determine whether ETH can reach the $4,000 mark.
Whale Withdraws $17.5 Million in ETH from Binance
Analyst Ted Pillows shared on-chain data indicating that an Ethereum whale has withdrawn approximately $17.5 million in ETH from Binance within three weeks. This move suggests a long-term accumulation strategy. The most recent transfer involved 4.86 million ETH through a Binance hot wallet. The latest transactions occurred one and three weeks ago, ranging from 4.5 million to 8.1 million. Such regular outflows indicate that a high-confidence holder is minimizing their exposure to centralized exchanges. Notably, part of the funds were shifted to Ethereum 2.0 Beacon Deposit Contracts, suggesting preparations for staking.
Ethereum Price Structure According to Wyckoff Model
Analysts noted that Ethereum's price structure followed the Wyckoff accumulation model. According to market analyst Cas Abbé, ETH peaked locally at $2,900 before undergoing a capitulation phase below $2,100. This pattern mirrors the Spring phase of the Wyckoff model, which often precedes new price expansions. The structure has reached the Sign of Strength (SOS) and the Last Point of Support (LPS). Within this structure, Ethereum price can further consolidate until it attempts to reach the resistance at $2,800 with a breakout. If the asset manages a daily close above that level, projections estimate a target of $3,500.
ETH Price Rebounded From Accumulation Range
Another analyst, Kamran Asghar, highlighted that Ethereum's price has repeatedly bounced off a key support level near $2,350. This area has formed the lower boundary of a broader accumulation range that has been developing since May. After briefly dipping below this area in late June, ETH recovered and re-entered the range. This recent bounce confirms that the bottom is in place. His visual projection targets a potential rally toward the $3,800–$4,000 zone, assuming ETH breaks out of its horizontal channel.
Thus, the activity of the whale, the structural price support, and level tests maintain a bullish sentiment for Ethereum. If ETH can surpass the $2,800 level, it could trigger price increases and pave the way for a prolonged rally.
