Ethereum News: Whales Stacking as Ethereum Price Hit $4.1K

The Ethereum price shot past $4,100 on September 29, following large whale purchases. According to on-chain data, the whale has bought back 1,501 ETH worth $6.17 million at $4,114.

The move represents a reversal of a position at a later time, five months ago, when the same wallet sold 1,857 ETH at $2,251, worth $4.18 million at the time.

Ethereum News: ETH Price Surges Past $4,100

Ethereum price stood at $4,123 at press time. It saw a 3.1% daily increase as per CoinMarketCap data.

According to price chart analysis, Ethereum has just broken above the important price of $4,100, having consolidated below it. The rally saw the ETH coin rise by more than a quarter to over $4,100 in 24 hours.

The whale accumulation coincides with this price breakout. Large volume purchases might have helped run up the price.

In addition to price action, Ethereum Total Value Locked (TVL) is a more representative measure of the strength of the network. According to Artemis, Ethereum TVL is now at 85.9 billion, which is 40% higher than it was at mid-July.

This growth highlights the rising use of decentralized finance and smart contracts in the Ethereum ecosystem.

During August, TVL on Ethereum increased to over 90 billion dollars. The peaks showed increased user activity and capital inflows in DeFi protocols. Although recent readings indicate that there is a slight decrease in the highs, the overall uptrend has not changed.

This indicates that the Ethereum-based financial services demand is growing steadily. That’s beneficial for price stability and long-term fundamental functions of the network.

Ethereum Price Close to the Previous Resistance

More chart data shows an important resistance area between $4,135 and $4,150, and the price has failed to break out successfully. Ethereum is now solidifying right below this mark, after the whale buyback. A trade above this level could position it to make a possible upward move.

On the negative side, short-term support levels would be formed at around $4,050, the main consolidation point until the recent rally. There is a secondary support base that is found at about 3,950, which is the former resistance zone in preceding price recoveries.

Looking at technical indicators, we see a reading of -9.66% on the Volume Oscillator. It indicates that there was a declining relative volume after the breakout. This shows that there could be some consolidation before the next major price movement.

In the meantime, the Money Flow Index (MFI), at 61.91, is at moderate buying pressure with no indication of an overbought situation. An index above 80 is usually a sign of possible market overheating.

All these indications represent Ethereum on the edge of a decisive price zone in which the long-run inflows of liquidity and trading volumes will dictate whether the bullish continuation or short-run pullback will be manifested.

With increased trading volumes, the adoption of DeFi grows, and whales keep collecting ETH, the short-term future of Ethereum will be highly determined by its capacity to ensure that it sustains its support level above $4,05.

Capital inflows into the Ethereum ecosystem, as seen from ETFs recently, could push Ethereum prices further ahead should they keep on rising.