Ethereum’s strength is once again building, reflected in its price as it continues to rise for the fourth consecutive day. The asset appears poised to maintain this momentum in the coming days. On the 4th of January, Ethereum’s price jumped 1.35% over the past 24 hours and, trading at the $3,140 level at press time. Despite the upward price movement, traders and investors appeared hesitant to participate, as recorded in the trading volume, which declined 52% to $12.40 billion.
Amid this, long-term holders such as whales and institutions have shown strong interest in the asset, as shared by on-chain analytics firm Onchain Lens. In a recent post on X, Onchain Lens noted that a crypto whale withdrew a massive 20,000 ETH worth $62.30 million from multiple crypto exchanges, including Coinbase, Galaxy Digital, FalconX, and Cumberland. Meanwhile, Ethereum giant Bitmine staked more than 49,088 ETH worth $152.7 million. For context, crypto withdrawals from exchanges suggest potential accumulation, whereas staking an asset points to its strong long-term potential.
Wall Street investors also showed strong interest in ETH, as recorded in spot Ethereum Exchange-Traded Funds (ETFs). According to analytics platform SoSoValue, on the 2nd of January, investors and institutions poured more than $174.43 million into these ETFs. Following today’s modest price uptick, the asset has reached the breakout level and is currently facing resistance from a descending trendline along with a horizontal level at $3,150. Based on recent price action, if ETH successfully breaches the resistance and breaks out of the triangle pattern, it could open the door for another 6% upside move and potentially reach the $3,600 level.
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