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Bitcoin prices are falling, but ETH bulls remain steady.

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US Sanctions North Korea IT Worker Crypto Fraud Ring
US Sanctions North Korea IT Worker Crypto Fraud Ring

Takeaways from the conference:

  • Ether’s bullish structure is intact, even though other crypto markets are showing weakness.

  • Since July 9, new whale wallets have accumulated over 540,000 ETH.

  • Concentration of orders to buy between $3,000 and $3,400 increases the likelihood of a liquidation sweep prior to a new rally high.

Ether hit a record high for the year of $3.850 on Binance.ETHBitcoin has been able to withstand more than Bitcoin.BTCThe recent drop in price was a result of. While BTC is trading at new range lows, $115,000, ETH remains above the $3.500 level of support, maintaining its bullish nature and possibly eyeing a movement toward $4,000.

On the 4-hour chart, ETH remains above the exponential moving average (EMA) of 50 days. The 200-day EMA is still above the ETH one-hour chart. This indicates that ETH will continue to be strong across all timeframes.

Ether chart for the hour. Source: Cointelegraph/TradingView

On the hourly chart, a potential head-and shoulders pattern could be forming. The price could reach $4,000 if the confirmed breakout of $3,750 is above a key resistance line and descending trendline.

Byzantine general, a crypto analyst also believes that ETH could return to recent highs. stating Assets could include a preparing asset “another stab at the highs.”

The bullish setup will be invalidated if ETH fails to reach the $3.500 level. The price may then revisit the fair-value gap between $3150 and $3300, before recovering.

Related: Eric Trump ‘agrees’ Ether should be over $8K as Global M2 money soars

Can Ether be retested for $3,100 dollars?

EtherETH() is showing notable strength despite the general market decline, in part due to aggressive institutional and whale accumulation.

Since July 9, eight whale wallets that were newly created have collected 540,460 Ethereum, or nearly $2 billion. On Thursday, three wallets collected another 74.207 ETH (worth $273 million), signalling a strong level of confidence among investors.

Ether’s strategic accumulation also increased in recent weeks. In just four weeks, holdings by large corporations nearly doubled to 2.3m from 1.2m. Tom Lee’s Bit Mine investment company, which acquired 266,119 Ethereum ($970 Million) in the last week, is now holds 566,776 ETHIt is the biggest Ether Treasury among institutions, with a value of $2,06 billion.

Strategic Ether Treasury holders. Source: Strategicethreserve.xyz

A technical indicator does present a problem in the near term. Data indicated ETH has a total of 245,000 ETH worth of buy orders stacked up on the offer side perpetual futures book, mainly between $3,000 to $3,400. This increase in demand is a sign of strong interest. However, it also highlights the liquidity deficit below current levels.

ETH is still in this buying zone and could continue its upward trend as spot order books and derivatives are closely aligned. It is possible that ETH could drop to $3,400, or perhaps even $3100, in the short term.

Source: Kiyotaka/X Source: Kiyotaka/X

Related: Ether will ‘knock on $4,000′ and soon outperform Bitcoin: Novogratz

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.