Ether Eyes Breakout as Trader Bets $131 Million on ETH Rally, $4k Resistance Remains

Ether (ETH) maintained its rebound toward the $4,000 mark on Friday as bullish traders increased their bets on a breakout, supported by growing confidence in the broader crypto ￰0￱ was last trading near $3,940 after reaching an intraday high of $4,025, according to data from Cointelegraph Markets Pro and ￰1￱ Resistance and Trader Optimism Analysts say a move above $4,100 would mark a critical turning point. “To get things going again, you’d want to break back above $4.1K, which has been the cycle high for a long time,” trader Daan Crypto Trades said. “This is a key area to get back above to turn this recent flush into a big ￰2￱ followed by a real breakout after.” Market sentiment remains optimistic ahead of the release of the September Consumer Price Index (CPI), expected to show inflation at 3.1%.

While elevated inflation may raise concerns, most traders expect the Federal Reserve to continue leaning toward interest rate cuts, with odds exceeding 94% according to the CME FedWatch Tool. Trader’s $131 Million Long Bet Draws Attention Market watchers took note of one anonymous trader with a 100% win rate who reportedly expanded their long position to 33,270 ETH, worth around $131 million at current ￰3￱ trader also opened a 4x long on 80 Bitcoin, valued at $8.9 million, with an entry price of $110,900 per BTC. “In the past two weeks, he’s already pocketed $16M in profit,” said X user Discover, adding, “Looks like he’s betting big on the next Ethereum pump.” Large-scale Ethereum holders — or “mega whales” — have also been accumulating ETH between 10,000 and 100,000 tokens, further signaling bullish confidence in a breakout beyond $4,000.

Bullish Predictions Strengthen Several analysts are forecasting significant upside for ETH if the $4,000 resistance level is ￰4￱ of Crypto highlighted that Ethereum’s exchange reserves recently hit their lowest level in years, suggesting a looming supply squeeze. “More and more ETH is leaving exchanges every ￰5￱ reserves just hit their lowest level in years,” he wrote. “People are holding, not ￰6￱ this happens, prices usually explode.” Another analyst, Crypto Zee, described Ether’s current formation as a “textbook continuation” pattern. “Look for a steady climb through the $4,250 resistance, followed by the primary goal, the $4,750 Demand Zone,” he ￰7￱ trader Jelle maintained a long-term price target of $10,000 as long as ETH continues to hold its previous ￰8￱ data from Cointelegraph also supports the bullish case, showing a potential rally toward $4,500 by the end of October, backed by positive MVRV metrics and a confirmed bull flag breakout.