Ethereum (ETH) is struggling to regain higher levels as the entire crypto market consolidates following the recent sell-off. Despite the short-term weakness, several analysts have suggested that ETH may be entering a bullish accumulation phase and the price trend may stabilize around the key $4,000 level. This zone has historically acted as both strong resistance and support. The asset’s resilience amid market uncertainty reflects growing confidence in Ethereum’s long-term fundamentals and network activity.
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Adding to the intrigue, Lookonchain's on-chain data shows that an Ethereum ICO participant resurfaced after nearly eight years of dormancy and transferred 1,500 ETH (worth about $6 million) to Kraken for the first time. The wallet originally received 20,000 ETH during Ethereum's 2015 Genesis Sale and was purchased for approximately $6,200, and is now believed to be worth more than $80 million.
Such rare moves by early holders often attract market attention as they can indicate new involvement or strategic repositioning. Although Ethereum price is still in a correction phase, the network's long-term value story continues to strengthen, driven by Layer 2 scaling, staking growth, and DeFi activity. If the current range holds, ETH could be positioned for a recovery as market confidence returns.
The sleeping Ethereum whale wakes up after 8 years
According to a recent report from Lookonchain, an early Ethereum participant identified as wallet 0x3690 has resurfaced after nearly eight years of inactivity, sparking new debate across the cryptocurrency community. This address is one of the original Ethereum ICO wallets and received 20,000 ETH on Genesis in 2015 with a total investment of just $6,200. At current prices, that stash is worth approximately $80.42 million, representing an impressive return of 12,971x.
On October 27, 2025, the wallet transferred 1,500 ETH (approximately $6 million) to Kraken, marking the first on-chain movement since Ethereum's launch. Such activity by early holders often raises questions about investor sentiment and potential market shifts, especially as the broader cryptocurrency market remains in a fragile consolidation phase.
While this move does not necessarily signal an immediate sell-off, it does highlight how long-term participants are beginning to shift positions as Ethereum hovers around the $4,000 level. Analysts have suggested that the coming weeks will be decisive for the market, as both Bitcoin and Ethereum approach key technical and psychological thresholds ahead of the US Federal Reserve's next policy decision.
If Ethereum can sustain its current range and maintain network engagement, we could see the start of a new bullish accumulation phase. Conversely, a breakdown below support could result in a prolonged correction before a strong rebound forms later in the quarter. In either case, this event serves as a reminder of Ethereum's resilience and how early belief in the network's vision has yielded historic benefits for those who have weathered multiple cycles. The market is now closely monitoring whether this new on-chain activity marks a turning point or a moment of reflection before the next big move.
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Ethereum struggles to break above $4,200 as consolidation around key supports becomes tougher
Ethereum (ETH) is trading near $3,993, looking to regain momentum after weeks of sideways movement. This chart shows that ETH is struggling to break above the $4,200 resistance level, a level that has repeatedly refused to move higher since early October. The 50-day moving average (blue) is currently aligned with this resistance level, reinforcing it as a key barrier that bulls must cross to confirm a near-term reversal.
The 100-day (green) and 200-day (red) moving averages below provide solid structural support near $3,800 and $3,300, respectively. The convergence of these levels suggests that Ethereum remains within a wide holding range with limited momentum on either side as the market digests recent volatility.
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A definitive close above $4,200 could pave the way for $4,500 to $4,700, where there is still liquidity from previous highs. Conversely, a break below $3,800 would expose ETH to a deeper retracement towards the $3,500 zone where buyers intervened during the September correction.
Market sentiment appears to be cautious but not bearish. Ethereum’s ability to maintain psychological levels around $4,000 despite the overall market slowdown shows resilience. As macro uncertainty continues, ETH's next move will likely depend on whether buying pressure increases ahead of the Fed's policy update this week.
Featured image from ChatGPT, chart from TradingView.com
