Is a Rally to $4.2K Next?

TL;DR

• Accumulator wallets hit record inflows, adding over 1.13M ETH during a two-week buying spree.
• Ethereum tapped key liquidity near $3,750, with traders eyeing $3,250–$3,300 as next support.
• On-chain metrics and MACD signals confirm rising momentum despite a short-term ETH/BTC ratio drop.

Large Buyers Add Over $4 Billion in ETH

Ethereum wallets linked to large holders have added more than 1.13 million ETH over the past two weeks. The estimated value of these inflows is $4.18 billion, based on current market prices. Analyst Ali Martinez, who shared the data on X, noted the pace of buying as unusually strong.

Whales have bought more than 1.13 million Ethereum $ETH, worth $4.18 billion, in the last two weeks! pic.twitter.com/7JEipVZ9Ms

— Ali (@ali_charts) July 24, 2025

The price of ETH was at $3,6160 at press time. Trading volume over the past 24 hours is above $50 billion. While the price is slightly up on the day, it remains slightly down over the last week. This pattern of accumulation has often appeared in previous market cycles ahead of major price moves.

Accumulator Wallet Activity Breaks Records

On-chain data from CryptoQuant shows that Ethereum inflows into long-term wallets have reached the highest level ever recorded. These wallets, often called accumulator addresses, add to their holdings over time and rarely sell.

Merlijn The Trader commented that the current inflows are “greater than any period in 2018, 2020, or 2022.” These accounts are seen as smart money due to their past performance during early phases of market rallies. Chart data also confirms that inflows are growing faster than during earlier build-up periods.

Meanwhile, this buying behavior has raised interest in what may be driving the demand. While short-term traders tend to follow momentum, these accounts typically build positions quietly and over longer timeframes.

Price Reacts to Liquidity Zone Near $3,750

Ethereum recently tapped into a key buy-side liquidity area near $3,750. This zone also includes a previous order block from late 2021. The reaction from this level has prompted short-term selling, as some traders take profits.

Crypto Eagles noted that a dip into the fair value gap between $3,250 and $3,300 is possible. If ETH stays above this zone, the next upside target is seen around $4,200. This would match a prior area of price rejection and is being tracked by technical traders.

$ETH just tapped into a major buyside liquidity zone around $3,750, sweeping the old order block from late 2021

– Bullish continuation confirmed but short-term correction into the new FVG at $3,250–$3,300 is likely

– If price respects this FVG, next push could target $4,200+… pic.twitter.com/amZZ0284t0

— Crypto Eagles (@CryptoProject6) July 24, 2025

The MACD on the current chart shows rising momentum. The signal lines remain in positive territory, and the histogram continues to move higher. These readings support the broader upward trend.

Ethereum has gained more than 50% in the last month, briefly reaching $3,850 before cooling off. The ETH-to-BTC price ratio fell 5.8% over the past 60 hours, a shift that followed a sharp increase in trading volume.