#ETH巨鲸增持 Ethereum Midday Observation on December 4

$ETH is currently trading around $3,215, with a 24-hour increase of 6.8%. This upward move has directly absorbed the dense cluster of positions in the $3,100-$3,200 range that had been consolidating for several days.

On-chain data shows institutional funds are continuously entering via ETFs, and staking activity is heating up again—the anticipation for the Fusaka upgrade is indeed brewing. Technically, the daily downward trendline that had been suppressing price for more than half a month has been effectively broken, and short-term momentum has clearly strengthened.

The key now is whether the $3,100-$3,150 area can hold; this was previously a resistance zone, and after the breakout, it should turn into support. The $3,300-$3,400 range above is a previous high-volume zone and can be used as a reference target for the first wave of upward movement.

Focus this afternoon on whether $3,250 can be held; if accompanied by increased volume, there is a high probability that $3,400 will be tested. Conversely, if there is a pullback but $3,100 support holds, the structure still remains relatively bullish.