Rising On-Chain Activity Sparks Breakout Hopes

In Brief

• ETH daily transactions rise toward 1.6M, mirroring pre-bull market accumulation patterns.
• Bitmine and major whales added over $760M in ETH, boosting institutional confidence.
• ETH trades near $3,890 with strong liquidity between $3,750–$4,200 and bullish structure.

Ethereum is showing renewed strength on-chain as daily transactions approach 1.6 million, according to Glassnode data. This trend mirrors previous pre-bull market phases and suggests accumulation despite weak sentiment.

Historical data shows such spikes have often coincided with market bottoms and preceded major upward movements. Although price action remains muted, fundamentals appear to be strengthening beneath the surface.

Supporting this trend, Bitmine has expanded its holdings significantly through major institutional platforms and OTC desks. This week alone, Bitmine accumulated 112,960 ETH worth around $443 million across BitGo, FalconX, Kraken, and Galaxy Digital.

Additionally, Bitmine acquired 77,055 ETH worth $320 million last week, bringing total holdings above 3.3 million ETH. This ongoing activity reflects sustained institutional appetite and confidence in long-term upside potential.

Moreover, a whale with a 100% win rate has added to long positions across ETH, BTC, and SOL. The whale currently holds $152 million in ETH, highlighting large-scale conviction.

Price Structure Aligns with Accumulation and Liquidity Zones

Ethereum trades at $3,893.85 with a modest 0.58% daily gain, yet it remains down 1.61% for the week. Despite minor weakness, the price structure suggests a maturing accumulation range.

According to AltcoinGordon, Ethereum follows a Wyckoff model, recently passing through the “Spring” and “Back-Up” phases. A Sign of Strength phase points to potential upside if momentum holds.

The model places future targets between $5,000 and $5,800, depending on breakout confirmation and sustained demand. Although sentiment remains cautious, this may benefit long-term positioning.

Order book data from Coinglass shows strong liquidity resistance between $3,900 and $4,200, confirming current price friction. However, solid support near $3,750 may attract buyers and trigger reversals.

TedPillows notes that liquidity sweeps below $3,750 could reset conditions before an upward move. Overall, Ethereum appears to be in a well-defined, range-bound accumulation phase.