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Ethereum (ETH) is trading near $3,900, creating a pivotal moment for the market. On-chain data shows large wallets shifting into accumulation mode, while chart analysts point to a classic Wyckoff re-accumulation structure.

These shifts in development suggest Ethereum could be preparing for another upward leg. This analysis explores the verified data behind the signals — whale behavior, technical structure, and critical support levels — to evaluate the likelihood of an ETH breakout above $5,000.

Whale activity shows large Ethereum holders stepping up their accumulation. In particular, data from October showed that ETH hovered around $4,000 as whales withdrew large amounts from exchanges and accumulation began to rise.

Meanwhile, analysts flagged that ETH faces a key support band near $3,700-$3,800 and noted declining issuance plus rising staking activity as factors tightening the float.

Analysts are watching Ethereum’s price action through the lens of the Wyckoff model. ETH is showing a structure resembling Wyckoff’s “test” phase, where supply is absorbed and price stabilizes before a potential markup.

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This analysis shows Ethereum may have entered Phase E of the Wyckoff cycle — the stage where price begins to trend upward after the accumulation is complete.

The combination of a narrowing trading band (around $3,700-$3,900) and the shift of large-holders into accumulation is consistent with this interpretation.

Ethereum is trading under resistance near $3,929, which some analysts say must be broken to confirm a bullish reversal. Support lies near $3,700-$3,800, a zone that has held recently and is critical to maintain the pattern intact.

If ETH clears above $4,100 resistance level with volume and demand, the next resistance zone near $4,500-$4,800 comes into play. Conversely, failure to hold support around $3,700 would raise the risk of a deeper pullback.

Given the convergence of whale accumulation and a Wyckoff-type formation, Ethereum’s trajectory now leans toward a breakout scenario. If price closes above $4,000 with strength, we may well see ETH cross $4,500 and challenge higher levels.