Data suggests Ethereum whales are strategically accumulating, as over $77 million in ETH transactions highlight growing interest. Technical indicators paint a picture of potential price movements with resistance levels at $3,200 acting as key pressure points. 3-hour on-chain activity reveals intense whale movement, including a notable wallet making large buys before selling off portions. This suggests indecision or perhaps short-term scalping plays while the price hovers near the bottom of a significant price range. Institutional investors are also actively accumulating, with major wallets seen withdrawing funds from exchanges like Binance and Coinbase. These moves suggest an upward breakout is anticipated by many big players. 80% of the ETH traded today was bought over just three hours, signifying a strong buying frenzy. Technical analysts, including Merlijn The Trader, are increasingly bullish on Ethereum’s potential for a price surge as recent market data reveals key accumulation zones. This has triggered a price break-out to $6,300 according to technical analysis. Key factors fueling this optimism include the recent breakout above resistance levels at $3,200 and the Stochastic RSI showing strong indicators of price reversal. Ethereum continues to exhibit clear strength in market structure, with higher lows indicating a robust and growing market. A historical look back reveals past accumulation phases leading to price rallies, particularly those between $950-$2,000 and $1,350-$3,200. This suggests that Ethereum is poised for a significant upward move.