Ethereum (ETH) briefly popped into the low-$3,700s today, trading around $3,720 midday after a 2.98% jump from yesterday’s close. That surge was driven in part by whales scooping up roughly $50 million worth of ETH, according to on-chain data. It helped snap a brief pullback that took prices down nearly 15% from late-July highs.
Liquidity remains ample, with trading volumes holding above $30 billion. It is a sign that institutional traders are still showing up despite the recent volatility. Looking ahead, almost everyone in the charts community has their eye on $4,100. As analyst Michaël van de Poppe put it: “Unfortunately, $ETH couldn’t get all the way towards the grey box, but it did grant a 15% correction.”
Technical models echo that view. ETH flirted with the $4K zone late last week before its pullback. Recent Ethereum price forecasts argue that once $4,100 is decisively cleared, it could open the door back toward the old all-time high near $4,865. Until then, traders are playing a familiar tug-of-war. Bulls are defending recent gains and bears are ready to pounce on any sign of weakness.
Ethereum’s Make-or-Break Level
You’ll want to keep an eye on both trading volume and on-chain flows in the coming days. If Ethereum can clear that $4,100 hurdle with conviction, it could flip the script entirely, think fresh bullish headlines and a fast track back toward its old highs. But stumble there again, and you might see it slide back toward the mid-$3,500s.
Right now, the first line of defense sits around $3,650, the same level that marked July’s lower Bollinger Band. Break below that, and the $3,500–$3,550 zone becomes the next magnet, lining up with the 50-day moving average and recent swing lows. On the flipside, if buyers can push through $3,785, a run at the $4,000 mark suddenly looks much more plausible, and then it’s just a question of clearing that last $4,100–$4,150 window before setting sights on Ethereum’s 2021 peak of $4,865.
Of course, it’s not just charts calling the shots. Traders are also digesting broader market cues, most notably, growing confidence in a September rate cut by the Fed, which tends to lift risk assets across the board. And don’t forget EIP-4844, the much-anticipated data-sharding upgrade that could finally bring rollup fees back down. All of that momentum is feeding into Ethereum’s longer-term story, even as price action plays out day to day.
