Ethereum surged past $3,700 earlier today before facing mild resistance, marking a notable rebound from its recent lows.
Ethereum Briefly Breaks $3,700 as Whale Activity Fuels Optimismhe move comes as on-chain data reveals aggressive whale accumulation, with large wallets scooping up 138,000 ETH worth approximately $503 million over the past week.
Futures market dynamics add to the bullish picture. ETH open interest climbed 3.18% over the last seven days to reach $674 billion, while perpetual funding rates remain neutral at +0.0024%, suggesting that big players are adding exposure without relying on excessive leverage.
The ETH/BTC ratio has also jumped 12% month-to-date, reinforcing sentiment that altcoin season is gathering pace.
However, traders are also watching the downside risks. With more than 80% of ETH holders currently in profit, any sharp macro-driven pullback could trigger a wave of profit-taking. This balance between growing institutional-style accumulation and the threat of mass selling will likely determine Ethereum’s next decisive move.
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Source: https://coindoo.com/ethereum-briefly-breaks-3700-as-whale-activity-fuels-optimism/