Ethereum (ETH) continues to show signs of strength, with bullish structural patterns and large-scale accumulation reinforcing investor optimism. As the broader market gains traction, analysts are closely watching Ethereum’s price behavior, pointing to a potential breakout toward the $4,000 mark.
Whale Withdraws $17.5M in ETH from Binance
On-chain data shared by analyst Ted Pillows reveals that a prominent Ethereum whale has withdrawn over $17.5 million worth of ETH from Binance over the past three weeks. The most recent transfer included 4.86 million ETH, moved via a Binance hot wallet.
Previous transactions occurred one and three weeks ago, involving 4.5 million to 8.1 million ETH, suggesting a consistent pattern of accumulation. Notably, part of the withdrawn assets were transferred to Ethereum 2.0 Beacon Deposit Contracts, signaling a long-term staking strategy rather than short-term trading.
These withdrawals indicate growing confidence in ETH’s long-term value and a deliberate move away from centralized exchanges.
Wyckoff Accumulation Signals Potential Rally
Market analyst Cas Abbé noted Ethereum’s price movement has closely followed the Wyckoff Accumulation Model, a popular chart pattern used to identify reversal and continuation signals.
According to Abbé, ETH experienced a capitulation phase below $2,100 after peaking at $2,900, mirroring the model’s “Spring” phase, which often precedes a new uptrend. Currently, ETH has reached the “Sign of Strength (SOS)” and “Last Point of Support (LPS)” phases — the final stages before a potential breakout.
A daily close above $2,800 could confirm this breakout and set a short-term target of $3,500, with further upside possible if momentum builds.
Accumulation Range Hints at Bottom Formation
Technical analyst Kamran Asghar highlighted Ethereum’s ability to defend its $2,350 support zone, identifying this as the lower boundary of a broader accumulation range that has persisted since May.
After briefly dipping below this level in late June, ETH has re-entered the range, which spans from $2,350 to $2,900. According to Asghar, the recent bounce confirms that a local bottom may already be in place, with price projections aiming for the $3,800–$4,000 range if Ethereum breaks out of this horizontal channel.
Key Resistance Ahead, But Momentum Builds
At the time of writing, Ethereum trades around $2,510, hovering just below the critical $2,800 resistance level—a mark that coincides with both the upper limit of its accumulation range and the Wyckoff model’s breakout point.
Analysts suggest that a confirmed breakout above this zone, especially on high volume, could ignite a new rally potentially leading to an “altseason” — a market phase where altcoins outperform Bitcoin.
Adding to this outlook is rising on-chain activity, nearing peak 2021 levels, and a decline in Bitcoin dominance, which often triggers a rotation of capital into Ethereum and other altcoins.
Conclusion
With significant whale accumulation, bullish technical patterns, and expanding network activity, Ethereum appears poised for a breakout. If ETH reclaims $2,800 with strong volume, analysts see a clear path toward $3,500 to $4,000, supported by both on-chain and macro market trends.
Investors are now watching whether Ethereum’s next move can break the range and confirm the beginning of a new leg up in the altcoin market cycle.
July 2025, Cryptoniteuae
