Ethereum whales keep accumulating millions in ETH from FalconX, signaling strong investor conviction as prices consolidate near $4K.
Despite a recent drop in open interest, ETH buyers defend key support levels and position for a breakout above $4,000.
Analysts highlight $4K as Ethereum’s critical threshold, with whale inflows suggesting potential momentum for a rally similar to BTC 2020.
Ethereum whales are buying aggressively, fueling speculation over the next big rally. In the past 24 hours, Lookonchain revealed that two newly created wallets, likely linked to Bitmine, received 51,255 ETH worth $213 million from FalconX.
Just a day earlier, the same analytics firm reported another wallet tied to Bitmine secured 25,369 ETH, valued at $106.74 million, while a separate wallet withdrew 4,985 ETH worth $21 million from OKX. This consistent accumulation signals strong conviction from large investors.
Besides whale activity, the price of ETH also reflects cautious optimism. On Coinalyze, Ethereum trades at $4,149.51 as of October 1, marking a modest gain of $9.24 or 0.22%. However, the hourly chart shows intense volatility across the week. Prices tumbled from $4,200 on September 24 to $3,840 by September 25, the lowest point in the timeframe.
Recovery After Sharp Decline
The decline triggered quick buying at $3,840, which became a reliable support zone. Consequently, bulls regained momentum and drove prices toward $4,240 on September 29. Ethereum has since entered consolidation, moving between $4,100 and $4,240, reflecting indecision in the market.
Source: Coinalyze
Additionally, open interest tells a deeper story. Aggregated open interest has dropped from nearly $27 billion to about $24.8 billion. Hence, many traders appear to be taking profits rather than building new positions. Moreover, the decline in open interest despite price recovery suggests cautious sentiment ahead of key resistance tests.
Analysts Highlight the $4K Threshold
Market analysts are closely monitoring $4,000. According to Ted on X, “$ETH needs to close a strong weekly candle above $4,000 for upward continuation. For years, the $4K level has been an important level for Ethereum, similar to the $12K level for BTC in 2020. Once ETH fully reclaims the $4K level, it'll rally like 2020-21 BTC.”
Hence, whales may be betting on that breakout. Additionally, consistent inflows from FalconX-linked wallets highlight a shift in accumulation trends, aligning with long-term bullish expectations.
Ethereum faces a decisive moment. If ETH holds above $4K and whale accumulation continues, the next rally could mirror Bitcoin’s 2020 breakout.
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