The Ethereum (ETH) market experienced a wave of intense fluctuation today, drawing widespread attention from investors. A large holder transferred 14,000 ETH to the Binance exchange, initially triggering panic in the market. However, a deeper analysis revealed that the investor purchased over 60,000 ETH two years ago at a price of $1,882, and the current ETH price has risen to $4,364, resulting in floating profits of up to $156 million. This transfer is likely just a partial profit-taking rather than a full-scale dumping.

At the same time, the market has shown more striking trends. A new wallet address received 23,000 ETH from BitGo, worth over 100 million USD, which is likely an institutional investor secretly accumulating. From a technical analysis perspective, ETH currently faces resistance at $4,461. Once this level is broken, it is expected to challenge above $4,500. $4,388 is a critical point contested by both bulls and bears; if it can firmly hold above this level, it will lay the groundwork for further rises. $4,210 is a strong support level; if it drops to this point, consider buying in batches.

Today, ETH has touched the high point of $4400 multiple times. Although it has not been able to hold, the bullish forces are clearly building momentum. The market may challenge the $4450 level or even higher tonight. For ordinary investors, it is not recommended to blindly chase the price during the upward trend; it is advisable to wait for a price correction to the range of $4210-$4250 before considering building positions in batches. If ETH successfully breaks through $4388, one can moderately follow up; meanwhile, a buy order can be set near $4210, with a stop-loss set at $4150.

From the perspective of market news, the movements of large holders and institutional investors are often more valuable for reference than technical indicators. On-chain data shows that institutions are indeed making large-scale purchases, and the transaction of 23,000 ETH is undoubtedly the result of significant capital operations. Such institutional behavior may indicate the potential direction of the market in the future.

Overall, the Ethereum market is at a critical balance point, with some whales taking profits contrasting interestingly with the large-scale entry of institutions. This market dynamic may trigger significant price fluctuations in the short term, and investors need to remain vigilant, closely follow market changes, and make informed investment decisions.