Ethereum (CRYPTO:ETH) continued to trade firmly above a key technical support zone, as analysts point to signs of renewed confidence from large investors and institutions.
Market observers said ETH has been consolidating below the $3,200 level, a price area widely viewed as critical for determining its next major directional move.
Crypto research account AltCoin Việt Nam said Ethereum is entering an unusually tense phase on the chart, indicating the market is preparing for a decisive breakout or breakdown.
The analyst highlighted the emergence of a bullish divergence, noting that it was the first such signal to appear in more than a month.
According to historical data cited by AltCoin Việt Nam, Ethereum typically experiences price swings of between 9% and 16% whenever it trades below the $3,200 threshold.
With ETH hovering close to $3,100, analysts said this historical pattern suggests a sharp increase in volatility could be imminent.
Bullish sentiment was reinforced by the actions of a major market participant, described as a super large whale, who reportedly opened a leveraged long position worth approximately $392 million.