Ethereum (ETH) price has climbed 46.11%, marking impressive growth but still making it the second-worst performer among the top 10 largest cryptocurrencies. Its recent rally is supported by increasing whale accumulation and a 7-day MVRV signaling neutral to slightly bullish sentiment.

However, key resistance at $3,600 could determine whether ETH continues its upward trajectory toward $4,000 for the first time since December 2021. On the downside, a reversal could lead to a significant correction, with strong support at $3,000 and a potential drop to $2,359 if bearish pressure intensifies.

ETH 7D MVRV Shows An Important Threshold To Be Surpassed

Ethereum MVRV 7D is currently at 3.8%, signaling a neutral to slightly bullish position in terms of short-term profit-taking behavior. The MVRV 7D metric compares the market value to the realized value for coins moved in the past seven days, providing insights into the profitability of recent traders.

When MVRV 7D is low, it indicates that traders are holding at a loss or minimal profit, reducing selling pressure, whereas higher values suggest increasing profit-taking risks.

Historically, ETH price has struggled to maintain upward momentum when its MVRV 7D enters the 5–7% range, often triggering corrections. However, its recent rise to 13% before a 10% correction shows that breaking this zone could fuel sustained bullish momentum.

If MVRV 7D exceeds the 7% threshold again, ETH price may experience significant gains, potentially surpassing 10%, as bullish sentiment builds and traders resist taking profits in anticipation of further upside.

Ethereum Whales Are Back

The number of Ethereum whales holding at least 1,000 ETH is nearing its monthly high of 5,561, currently sitting at 5,557. Tracking whale activity is essential because these large holders significantly influence market trends through their buying and selling behavior.

Increases in whale numbers often signal growing confidence in the asset, supporting price stability or upward momentum, while declines can indicate reduced interest and potential selling pressure.

After rising from 5,527 to 5,561 over six days, the number of whales dropped to 5,535 on November 20, suggesting a brief period of profit-taking or reduced accumulation. However, the recent recovery to 5,557 within a week reflects renewed interest and accumulation among large holders.

This rebound suggests growing optimism in the market, which could support Ethereum price stability and pave the way for further upward movement if the trend continues.

ETH Price Prediction: Can It Get Back To $4,000?

If Ethereum maintains its current uptrend, it could soon test resistance at $3,600, a critical level for sustaining bullish momentum.

Breaking above this resistance would place Ethereum price just 11% away from reclaiming the $4,000 mark, a price it hasn’t reached since December 2021. Such a move would likely fuel further optimism and attract more buying interest, reinforcing the upward trend.

However, if the uptrend slows and reverses, ETH price will have strong support at $3,000, a key level to prevent significant declines.

If this support fails, the price could drop as low as $2,359, marking a potential 31% correction from current levels.