These past couple of days, ETH's performance has been quite interesting. The market broke through $3,600 early in the day, with a 24-hour increase of nearly 6%, showing a pretty strong momentum. However, what really caught people's attention was what's behind this rally—the big whales in the market are starting to make moves again.

Some whales are using 25x leverage to go long on Ethereum, clearly targeting the resistance level at $3,910. This isn't a joke; it indicates that these large funds are confident about something.

On-chain data shows that in the past five days, addresses holding between 10,000 and 100,000 ETH have collectively bought over 280,000 ETH, worth roughly $1 billion. Such concentrated accumulation isn't a coincidence; there's definitely a planned layout behind it.

Take the well-known whale address pension-usdt.eth as an example. Its recent actions are very telling. When the price was between $3,002 and $3,019, it sold 5,180 ETH, making a profit of $230,000. When the price dropped back to $2,954–$2,964, it bought back, restoring its holdings to 30,000 ETH. This orderly approach to buying and selling shows that whales aren't chasing the trend blindly—they're building positions in a measured way.

Looking further back, one whale had already gone long on ETH at $4,300 in early September. Although it was liquidated in the October flash crash, losing $2.04 million, interestingly, it withdrew 9.5 million USDC the very next day to re-enter the market. This behavior makes sense—if they believe in this direction, they won't give up just because of a loss.

In just 24 hours, a 6% increase, combined with decreasing volume and rising prices, along with these series of whale actions, is actually sending a signal to the market: although the surface looks like a modest rally, there are serious players laying out plans underneath. The oscillation around key levels is intensifying, and such phenomena in a low-volume rising environment often indicate significant disagreement within the market. Some are bullish, others bearish, and both sides are testing each other's bottom lines.

What happens next, whether $3,910 can be broken or not, depends on the balance of power between these forces. But based on current on-chain data and whale movements, the bullish side seems to be gathering strength.