ETH forms a bull flag with breakout above $3,800 targeting new all time high.
Whale buys 147K ETH worth $544M, signaling massive institutional accumulation.
Network hits all-time high in weekly transactions, confirming rising demand.
Ethereum is turning heads again. After breaking above $3,800, a massive whale buy and rising on-chain activity are fueling hype. If momentum holds, ETH could be lining up a powerful run toward $5,600.
Classic Bull Flag Breakout Points to $5,673
As highlighted by Cas Abbe on X, Ethereum’s daily chart on MEXC shows a textbook bull flag pattern. ETH soared from below $2,500 to over $3,800 in early July, followed by tight consolidation in a downward-sloping channel. This healthy pause formed the "flag," often seen before a second leg higher.
https://twitter.com/cas_abbe/status/1953389030000779499
As of press, ETH was trading at $3,809 after breaking above the flag’s upper trendline. A confirmed daily close above $3,800 validates the pattern. Based on the flagpole height, the projected upside target stands at $5,673.80.
The breakout is backed by strong volume (126.74K ETH), increasing the likelihood of continuation. According to TradingView data, Ethereum gained 2.88% in the last session, confirming renewed buying pressure.
Liquidity Map and Whale Activity Confirm Bullish Setup
Coinglass’s liquidation heatmap reveals intense liquidity near $3,900, with over $2.2 billion in potential liquidations. This is a magnet for price action, as market makers often drive prices toward such clusters.
Meanwhile, Aka Bull reported a whale purchase of nearly 147,590 ETH, worth $544 million, through CEX and OTC deals. This kind of accumulation often precedes major rallies, especially when supply on exchanges is shrinking and ETH is being burned or staked.
Network Growth and Bitcoin Dominance Hint at Altcoin Season
According to Karman Asghar, Bitcoin dominance is beginning to stall at 61.69%, possibly signaling the start of an altcoin season. If BTC dominance drops further, capital rotation could boost ETH and other major altcoins.
Ethereum’s network fundamentals are also surging. Weekly transaction count hit an all-time high of 11.9 million, per TradingView data. Daily activity just crossed 1.92 million—its highest in 18 months. This surge in on-chain activity reflects growing demand and stronger market engagement.
