Ethereum nears major breakout as whales accumulate and ETFs pull in $5B

Ethereum (ETH) marked its 10th anniversary with a strong price rally, with multiple signals pointing toward an imminent major breakout.

ETH is currently trading around $3,800, still 24% below its 2021 all-time high. However, according to CryptoQuant analyst CoinCare, subdued futures funding rates indicate the rally is far from over.

Whales buy aggressively, ETFs see record inflows

In the past 48 hours alone, large investors have accumulated 220,000 ETH worth approximately $850 million, pushing their holdings to 23.5% of total supply—a record high. This reduces market liquidity and could amplify upward price momentum.

Meanwhile, U.S. spot Ethereum ETFs have attracted about $5 billion in just 17 trading days, signaling surging institutional demand.

Exchange balances have also dropped sharply, now sitting at just 19 million ETH—a near decade-low. Over 1 million ETH was withdrawn in the past month alone, decreasing sell-side pressure.

Technical analysis and resistance levels

ETH has risen 1.7% in 24 hours, 7.9% in the past week, and 57% over the past 30 days.

Price is currently consolidating within the $3,708 – $3,874 range, with $4,000 as the next resistance and $3,500 as critical short-term support.

Analyst Ali Martinez believes breaking above $4,100 could trigger a “true breakout,” opening the door to a run at the previous all-time high near $4,900.

Despite short-term risks such as an overbought RSI and potential correction to $3,300, the on-chain picture remains strongly bullish. If CoinCare’s funding-rate thesis holds true and institutional demand continues rising, Ethereum may be on the verge of reaching new highs.