Ethereum held above critical support levels as institutional buyers entered the market with substantial positions. The second-largest cryptocurrency by market cap attracted more than $250 million in exchange-traded fund (ETFs) inflows this week while a single whale opened a $392 million leveraged position.
What Happened: Institutional Accumulation
AltCoin Việt Nam, in a recent analysis, identified a bullish divergence pattern on Ethereum's chart—the first such signal to appear in over a month. The cryptocurrency traded near $3,100, just below the $3,200 threshold that historically triggers 9-16% price volatility based on the analyst's data.
A whale opened a leveraged long position worth $392 million, equivalent to 120,094 ETH, according to AltCoin Việt Nam's report. BitMine Technologies purchased an additional 33,504 ETH valued at $112 million in a separate transaction.
Spot Ethereum ETF products continued attracting capital with inflows exceeding $250 million this week.
The buying activity came as the cryptocurrency maintained position above the $3,091 support zone identified by crypto analyst The Boss.
Also Read: Analysts Flag Bearish Patterns While Bitcoin Hovers in $86,000-$100,000 Range
Why It Matters: Technical Pressure
The convergence of technical signals and institutional positioning suggests heightened volatility ahead. AltCoin Việt Nam noted the cryptocurrency faces a "critical juncture" where it must either confirm an uptrend or retest lower support levels before any potential rally.
The Boss emphasized that Ethereum's defense of the $3,091 level validates the current market structure.
"Such strong reactions from established support levels are vital signals for confirming the validity of the current structure," the analyst stated, adding that sustained trading above this threshold keeps focus on upside targets.
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