Ethereum confirms Wyckoff markup phase after breaking above $3,500 with $4,000 now in focus.
Institutional demand surges as ETF inflows hit $2.27B and whale accumulation increases sharply.
Technical indicators show bullish strength with rising open interest and breakout from key patterns.
Ethereum has moved through the Wyckoff Accumulation pattern with clarity. It crossed the creek, formed a spring, and confirmed a test. Now, live price action is entering the markup phase. Market data, technical structure, and institutional support all point to continued upward movement as Ethereum aims for higher levels.
Ethereum Price Structure Confirms Markup Phase
According to analysis prepared by Merlijn The Trader, Ethereum completed the Wyckoff Wyckoff Accumulation cycle from mid-2022 through early 2024. It followed each phase, starting with a selling climax near $880 and progressing through a gradual range between $1,000 and $2,000.
https://twitter.com/MerlijnTrader/status/1945906351160336403
This period showed declining volume and volatility, consistent with institutional accumulation. A brief drop below key support in Q4 2023 formed the spring. Price then recovered and tested the previous range low, confirming demand. By early 2024, Ethereum crossed above the $3,000 resistance area, marking the jump across the creek.
As of July 2025, Ethereum trades above $3,500 and is building an upward trend. According to CryptoJelleNL, Ethereum smashed through the $3,500 resistance area and has just one last hurdle to overcome: $4,000.
Institutional Demand and On-Chain Data Support Growth
Institutional interest continues to rise, backed by strong inflows into Ethereum ETFs. July recorded $2.27 billion in net inflows into spot Ethereum funds. BlackRock’s ETHA fund attracted nearly $500 million during this period, showing consistent interest from large investors.
On-chain data also confirms strong demand. Nansen reported that whales accumulated 1.49 million ETH in July, a 95% rise from the month before. SharpLink Gaming has become the largest known corporate ETH holder, with over 111,000 ETH valued at $343 million and 99.7% stake.
Technical indicators remain positive. Ethereum recently broke out out of an ascending triangle and continues to trade above key moving averages. The RSI and MACD maintain strong positions, while open interest in futures and options has also increased.
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