Ethereum News Today: Ethereum Surpasses $3,700 as Whale Accumulation Boosts Confidence

Ethereum briefly surpassed the $3,700 level as signs of increased whale activity suggest growing confidence in the asset. On-chain data shows that large wallets have accumulated 138,000 ETH, valued at roughly $503 million, over the past week, signaling a potential shift in market sentiment [1]. This accumulation is occurring amid broader bullish dynamics in the futures market, where ETH open interest rose 3.18% in the last seven days to $674 billion. Perpetual funding rates remain neutral at +0.0024%, indicating that major participants are increasing their exposure without resorting to excessive leverage [1].

Additionally, the ETH/BTC ratio has climbed 12% month-to-date, reinforcing the idea that altcoin season is gaining momentum [1]. These developments suggest that Ethereum is benefiting from both on-chain accumulation and broader market positioning, potentially setting the stage for a more sustained upward move.

However, traders remain cautious about potential downside risks. Over 80% of Ethereum holders are currently in the green, and a sharp pullback driven by macroeconomic factors could lead to a wave of profit-taking. This creates a critical balance between institutional-style accumulation and the risk of broad sell-offs, which could determine the next major directional move in Ethereum’s price [1].

The market is also keeping a close eye on other crypto projects. For example, Solana’s memecoin craze is showing signs of losing steam, as pump.fun revenue has hit a 2025 low [1]. This shift in speculative behavior highlights the evolving nature of investor focus in the digital asset space, with Ethereum seemingly drawing attention away from more volatile altcoin projects.

All in all, Ethereum’s recent price action and on-chain activity paint a picture of cautious optimism. While the bullish signs are evident, market participants are advised to remain vigilant in the face of potential volatility and macroeconomic headwinds.

Source:

[1] Ethereum Briefly Breaks $3,700 as Whale Activity Fuels Optimism (https://coinmarketcap.com/community/articles/6890f3eadb840933c477ae90/)