Ethereum (ETH) has remained rather steady over the weekend. On the day, the coin trading at $3,814 as of this writing, with a slight 1.36% surge on the day. With the price surging, ETH is now moving towards a key resistance level. 

Recently, whales (large holders) have also been accumulating Ethereum. The whale accumulation has sparked optimism for Ethereum’s rally to $4,000. With whales on a buying spree, will ETH reach this level soon?

Whale Accumulates 30,366 ETH Tokens

Despite a slowdown in the momentum of Ethereum, crypto whales are still convinced that the coin could go higher. In a recent development, Lookonchain – a crypto onchain data tracker, has identified a significant purchase of 30,366 ETH tokens. As of the time of purchase, these tokens were worth around $114 million. 

Whale 0xF436 (likely related to DeFiance Capital) bought 30,366 $ETH($114M) in the past 28 hours.https://t.co/iYz89P9PIN pic.twitter.com/ydowdmyNnE

— Lookonchain (@lookonchain) July 27, 2025

Lookonchain has also linked the whale wallet, identified as 0xF436, to DeFiance Capital, a crypto-native investment firm. The update also confirmed that the firm bought the Ethereum tokens over the past 28 hours. 

The large accumulation by DeFiance Capital at such a stage signifies strong investor confidence. Normally, large whale accumulations precede robust surge in price thus the speculation for an ETH rally to $4,000. 

Whales Withdraw $1.15B Ethereum from Exchanges

Besides the large accumulation, investors are also moving Ethereum from exchanges, signaling long-term confidence. According to crypto analysts Ali Charts (previously Ali Martinez), whales have moved ETH tokens worth $1.15 billion, from exchanges over the last 72 hours. 

“310,000 Ethereum $ETH worth $1.15 billion have been withdrawn from exchanges in the last 72 hours!” Ali wrote. 

With investors moving tokens out of exchanges, the total number of Ethereum tokens on exchanges has dropped significantly. Data by CryptoQuant shows that there’s a total of $19.02 million on all exchanges as of this writing. 

A decline in exchange supply usually signifies a drop in selling pressure thus signaling a surge in investor confidence. Combined with large accumulations, the drop in exchange supply paints a rosy picture for ETH. 

Ethereum Funding Rates Still Low: Why Does this Matter? 

Another metric fueling the optimism around Ethereum is that the funding rates are still low. Usually, low funding rates signal that the market is still not overheated, meaning that there is no excessive leverage on the market. Based on this, crypto analyst Mister Crypto, believes that the ETH pump has just begun.  

“ETH funding rates is nowhere near overheated right now. The pump has only just started!” Mister Crypto noted. 

With Ethereum funding rates remaining low while the price is moving up, it typically indicates organic spot-based demand, and not speculative overextension. This is a positive reinforcement of the fact that the rally is not matured, and it can continue without swift corrections. 

ETH Eyes Rally to $4,000

Ethereum is currently making another attempt to break past a key resistance level on its way to $4,000. According to the daily chart on TradingView, the coin is facing strong resistance at $3,856. Breaching this level could open the door to $4,000 and beyond. In fact, Ted Pillows eyes an ETH rally to $4,000 after the recent price performance. 

“Best case scenario Ethereum continues to $4,000 from here. If we gain $4,000 a new ATH is imminent,” Ted Pillows predicted. 

However, failure to clear the resistance could trigger yet another correction. At the moment, ETH has strong support at $3,703 level. Any dip below this level could result in a plunge towards the next support at $3,500 level.