Ethereum (ETH) price prediction: Maintaining $3,650 support level range consolidation, whales and institutions continue to accumulate.

After several weeks of strong rising momentum, the price of Ethereum (ETH) is currently approaching a key resistance level and consolidating within a range. Meanwhile, whales and institutional investors are showing strong confidence, taking advantage of the current pullback to accumulate large amounts of ETH. In the past 24 hours, blockchain transaction tracking platforms Lookonchain and Onchain Lens have reported a significant increase in ETH accumulation by whales and institutions.

ETH Whales and Institutions' Active Accumulation

Recently, a newly created wallet (0x8eEa) purchased 33,644 ETH through FalconX, worth approximately $125.73 million, bringing the total holdings of the whale's wallet to 105,977 ETH, with a total value of $397 million. Additionally, another newly created crypto wallet purchased 32,640 ETH through over-the-counter (OTC) trading, worth approximately $122.18 million, increasing its ETH holdings to 43,787 ETH over the past four trading days, valued at $163 million.

In addition, publicly listed SharpLink Gaming (NASDAQ: SBET), known as the "Ethereum version of Strategy", purchased 79,949 ETH last week, bringing its total holdings to 360,807 ETH, a 29% increase from last week.

ETH price momentum is stable, with no significant fluctuations in the short term

Despite the continuous accumulation by whales and institutional investors, the price of ETH has not changed much in the past 24 hours, maintaining around $3,682, with a slight rise of 0.90%. During the same period, overall trading volume decreased by 17%, indicating a reduction in trader participation. AMBCrypto analysis points out that ETH is currently still in a rising trend, but due to the price having risen significantly by over 35%, the market is facing profit-taking.

The pump of ETH began as the price approached the key resistance level of $4,000. Despite ongoing profit-taking, ETH did not experience a significant pullback but continued to consolidate around the local support level near $3,650. This area is an important key support level for both investors and traders.

Key Support and Resistance Levels

According to the 4-hour chart, the ETH price has been supported near $3,650. If market sentiment turns bearish and breaks below this support level, ETH could face a decline of 8%, potentially down to $3,300. However, if the price remains above the local support level, ETH still has room for a rise and may retest the $4,000 resistance level.

Main Clearing Level

According to on-chain analytics firm CoinGlass, the main liquidation level that traders are currently focusing on is the downside of $3,359.7, where traders hold long positions worth $290 million. The key liquidation level to the upside is $3,768.9, where traders hold short positions worth $589.17 million. This data shows that traders are bearish on ETH's short-term performance, believing that Ethereum is unlikely to break through the resistance level of $3,768.9.

Conclusion: Although whales and institutions continue to accumulate large amounts of ETH, the price consolidation suggests that the market may be experiencing a short-term profit pullback. The future trend of ETH will depend on whether it can break through the key resistance level and regain upward momentum. If the price falls below the $3,650 support level, it may face further pullbacks; conversely, if it continues to maintain above this support level, ETH may launch a new attack towards $4,000.