A cryptocurrency trading expert has identified a key level that could confirm Ethereum’s (ETH) bullish momentum, as whales continue to accumulate the second-largest digital asset by market cap.
According to Ali Martinez, Ethereum must decisively break above the $4,100 resistance level to trigger its next major rally, as he noted in an X post on July 29.
The analysis is based on the weekly chart, where the asset has shown a strong recovery from its lows around $1,500 earlier this year. Recent candles indicate a steady climb above key support zones at $2,200 and $3,300.
Currently, ETH is trading just below the critical $4,100 level, which has previously acted as a point of rejection. As per the outlook, a confirmed breakout and close above this zone could pave the way toward $5,000 and beyond.
The analysis projects a period of sideways consolidation just under $4,100 before an anticipated breakout, aligning with a bullish technical structure.
This outlook is reinforced by increased whale activity, as large holders appear to be accumulating ETH in anticipation of a breakout.
Whales go big on Ethereum
Meanwhile, Ethereum has been a standout performer in recent weeks, largely driven by institutional inflows into exchange-traded funds.
To this end, on-chain data shows that 1.28 million ETH was accumulated in July alone, with the associated products recording net inflows totaling $1.28 billion.
At press time, Ethereum was trading at $3,817, down about 1.5% over the past 24 hours but up more than 3% on the week.
Looking ahead, Ethereum appears poised to rechallenge the $4,000 mark, though it needs strong support above the $3,800 level to sustain upward momentum.
Featured image via Shutterstock
