Ethereum's Triple Bottom Setup Signals Potential $4K Breakout Ahead

Key Takeaways:

Ethereum’s triple bottom pattern around $3,750–$3,800 suggests a possible 10% rebound this October.
Mega whales (holding 10,000–100,000 ETH) are buying the dips, absorbing supply from smaller holders amid the price decline.

Ethereum’s native token, Ether (ETH), is showing signs of a bearish reversal after a 6.5% drop this October.

Triple Bottom Confirms ETH’s Potential Towards $4,000

As seen on Ether’s 4-hour chart, a triple bottom forms as prices repeatedly hit the same support level, indicating that buyers are stepping in to halt further declines.

Support Level

The identified support is around $3,750–$3,800 with buyer momentum strengthening at each bottom, indicating a potential upward movement.

ETH/USDT Four-Hour Chart ETH/USDT four-hour chart. Source: TradingView

Neckline Resistance

Ethereum encounters significant resistance around $3,950–$4,000, aligning with the 50-period exponential moving average. A decisive breakout above this neckline could push ETH towards a price target of approximately $4,280—around a 10% increase from current levels by late October or early November.

Mega Whales Absorb Ethereum

Onchain analysis from Glassnode reveals that large wallets holding 10,000–100,000 ETH are rapidly accumulating, now controlling close to 28 million ETH. Conversely, smaller holders are losing their balances during the price correction.

ETH Supply Held by Addresses ETH supply held by addresses with 1K-100K balance. Source: Glassnode