• Ethereum whale accumulates 92,899 ETH worth $412M, sparking bullish sentiment.
• Ethereum must hold the $3,370 support to eye a $5,800 breakout.
• The derivatives market shows rising open interest but a sharp drop in trading volume.

Ethereum is trending following emerging whale activity and key technical levels, suggesting that a major price move may be just around the corner. At the time of writing, Ethereum is trading at $4,468.57, recording a 0.28% increase in the last 24 hours. As it stands, with a 24-hour trading volume of $ 46.95 billion and a market cap of $ 538.31B., it reflects steady participation in the market.

Ethereum Sees Massive Whale Accumulation

Blockchain data shared on X (formerly Twitter) by the account ‘WHALE EVERYTHING’ indicated that an unknown whale initiated a massive movement. Reports suggest the entity created three new wallets and purchased 92,899 ETH, worth approximately $412 million. Such a scale of accumulation often draws attention, as it may signal greater confidence in Ethereum’s future price movement.

Ethereum Holds Crucial Support Ahead of Potential Breakout

In the meantime, the analyst from More Crypto Online highlighted a key support level for ETH. According to his observation, $3,370 remains a crucial level that must be held for ETH to make its next push higher. If the price stays above this area, ETH could potentially reach $5,800. However, a dip below that figure may indicate fading momentum.

The confluence of whale activity and major technical levels has fueled speculation that ETH is gearing up for a larger move. With institutional demand continuing to grow and on-chain activity on the rise, attention is focused on whether ETH can hold its ground and push toward new highs.

Also Read | Ethereum Faces Trend Shift Risks with Key Support at $4,164: Report

Ethereum Derivatives Show Mixed Momentum

Ethereum’s derivatives market is showing mixed signals, with open interest rising slightly while trading volume fell sharply. Latest data shows open interest rose by 1.92% to $63.71 billion, reflecting investors’ continued activity in the market despite recent volatility.

On the other hand, the volume of trades fell by -50.47% to $71.16B. This suggests that while most investors remain active through open positions, fewer are engaging in heavy trading, indicating reduced short-term activity in the derivatives market.

On the funding side, the OI Weighted funding rate is at a humble 0.0060%. This reflects a very slight bullish bias, meaning long investors are prepared to pay a premium to keep positions open, but the sentiment isn’t overwhelmingly one-sided.

Overall, ETH’s derivatives statistics show a prudent but steady picture. As open interest stays robust and OI-weighted rates remain positive, investors seem primed for gradual increases, though the sudden volume drop indicates lower short-term trading interest.

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