Ethereum (ETH) has shown a strong upward trajectory over the past seven days as it climbed from around $4,300 last week to briefly test the $4,700 level before pulling back to the current level of $4,520 entering the new week.

In fact, the crypto asset continues to see notable whale accumulation, as fresh wallets actively withdraw large sums from centralized exchanges.

Whales Bet Big on a Breakout

According to the latest data shared by Lookchain, a newly created wallet recently pulled 5,297 ETH from Binance and Bitget. This stash is worth around $24.7 million. This follows a similar action by a different whale wallet, which secured an additional 13,322 ETH, equivalent to $61.65 million, from FalconX on September 15th.

Just hours earlier, another newly created address withdrew 4,208 ETH, worth nearly $19.5 million, from Binance. These back-to-back transactions highlight a trend of continued whale demand for the altcoin, which currently appears to be in a strong accumulation phase.

As whales continue to load up on ETH, sentiment is shifting bullish, with market commentators pointing to key levels that could determine its next trajectory. The crypto asset now faces mounting pressure around the $4,800-$4,880 zone, which is deemed a critical resistance that has repeatedly capped price action. A daily close above $4,880 is expected to trigger a strong breakout, powered by renewed momentum and the potential for a short squeeze.

On the downside, the $4,200-$4,400 support continues to provide a solid foundation. This range has absorbed selling pressure, keeping the bullish structure intact. Beyond price levels, volume and institutional participation remain crucial.

Substantial Upside Ahead

Echoing a similar stance, Sean Dawson, head of research at on-chain options platform Derive.xyz, said that the crypto asset is primed for more gains even as ETH suffered a mild setback on Monday.

While some are worried that the music is about to stop, the reality is more nuanced. We may see volatility and consolidation in September, driven by fiscal year-end flows and some profit-taking among ETH DATs. But the structural backdrop falling rates, institutional positioning, and bullish derivatives markets suggests theres still substantial upside ahead. This is likely not the cycle top.

In an even bolder prediction, a market commentator observed that while ETH may face short-term downside pressure, the broader outlook over the next three to four months remains highly bullish and will ultimately hit $10,000 this cycle.