Ether (ETH) maintained its rebound toward the $4,000 mark on Friday as bullish traders increased their bets on a breakout, supported by growing confidence in the broader crypto market.
ETH/USD was last trading near $3,940 after reaching an intraday high of $4,025, according to data from Cointelegraph Markets Pro and TradingView.
Key Resistance and Trader Optimism
Analysts say a move above $4,100 would mark a critical turning point.
“To get things going again, you’d want to break back above $4.1K, which has been the cycle high for a long time,” trader Daan Crypto Trades said.
“This is a key area to get back above to turn this recent flush into a big deviation. Possibly followed by a real breakout after.”
Market sentiment remains optimistic ahead of the release of the September Consumer Price Index (CPI), expected to show inflation at 3.1%.
While elevated inflation may raise concerns, most traders expect the Federal Reserve to continue leaning toward interest rate cuts, with odds exceeding 94% according to the CME FedWatch Tool.
Trader’s $131 Million Long Bet Draws Attention
Market watchers took note of one anonymous trader with a 100% win rate who reportedly expanded their long position to 33,270 ETH, worth around $131 million at current prices.
The trader also opened a 4x long on 80 Bitcoin, valued at $8.9 million, with an entry price of $110,900 per BTC.
“In the past two weeks, he’s already pocketed $16M in profit,” said X user Discover, adding, “Looks like he’s betting big on the next Ethereum pump.”
Large-scale Ethereum holders — or “mega whales” — have also been accumulating ETH between 10,000 and 100,000 tokens, further signaling bullish confidence in a breakout beyond $4,000.
Bullish Predictions Strengthen
Several analysts are forecasting significant upside for ETH if the $4,000 resistance level is cleared.
Master of Crypto highlighted that Ethereum’s exchange reserves recently hit their lowest level in years, suggesting a looming supply squeeze.
“More and more ETH is leaving exchanges every day. Exchange reserves just hit their lowest level in years,” he wrote. “People are holding, not selling. When this happens, prices usually explode.”
Another analyst, Crypto Zee, described Ether’s current formation as a “textbook continuation” pattern.
“Look for a steady climb through the $4,250 resistance, followed by the primary goal, the $4,750 Demand Zone,” he said.
Fellow trader Jelle maintained a long-term price target of $10,000 as long as ETH continues to hold its previous highs.
Market data from Cointelegraph also supports the bullish case, showing a potential rally toward $4,500 by the end of October, backed by positive MVRV metrics and a confirmed bull flag breakout.
