Ethereum is flirting with the $4,000 mark again, teasing investors with potential new highs. Despite skepticism from analysts, Ethereum's surprising climb has been steady, even amidst market uncertainty. Recent on-chain data from Glassnode indicates aggressive accumulation by Ethereum whales since November, hinting at a possible breakout.
Whale activity often precedes significant price changes, suggesting a bullish outlook. But on the flip side, this could be a bull trap if these big players switch quickly and sell off. Ethereum's fate in the immediate future depends on its ability to push past the $4,000 resistance.
While ETH has been resilient around $3,950, a psychological and technical challenge remains. Failure to push past $4,000 could lead to a dip back to support levels near $3,500 before regaining strength for another attempt at higher prices.
With Bitcoin setting new records and altcoin enthusiasm rising, Ethereum’s moment might be on the horizon, bolstered by whale sentiment. This sets the stage for watching Ethereum's next moves closely.
