On-chain just experienced an event worth noting. A long-dormant whale address suddenly became active, continuously sweeping for 5 hours, accumulating a total of 12,166 ETH, worth nearly 38 million USD. This is not a small move; it’s a genuine signal of real money.

**What On-Chain Data Tells Us**

The whale withdrew large amounts of funds from multiple major exchanges, which in itself is quite revealing. Withdrawals usually indicate two things: first, confidence in the market’s future trend, suggesting a long-term hold; second, a reduction in market selling pressure, changing the supply dynamics. The address ending in 4F7A is adopting a continuous buying strategy, indicating confidence in the current price. The movements of smart money often reflect market participants’ true judgment of mid-term trends—more honest than any commentary.

From the order book depth, this purchase provided strong short-term buy support for the market. Large capital inflows often boost sentiment, especially when such buying occurs during consolidation phases.

**Technical Outlook: Signs of Accumulation at the End of a Consolidation**

Turning to the 1-hour K-line chart. ETH is currently trading near the middle of the Bollinger middle band (3105.61), within the range of the upper and lower bands (3163.27-3047.96), forming a typical consolidation pattern. The support level around 3047 is clearly defined.

How to view key resistance levels? Fibonacci retracement provides the answer. The 38.2% retracement level is at 3191, and the 50% retracement at 3181—these are the primary targets for an upward breakout. Looking downward, around 2707 represents a deeper correction limit—but from the current position, this level is still quite far away.

Regarding momentum indicators, the market is at the end of its consolidation phase. Once it breaks through the middle band, a critical moment for choosing direction may occur. The whale’s entry coincides with this time window, which may not be a coincidence.