Whales have started to act, but most retail investors are still on the sidelines.

Recently, I often hear this question: "Can Ethereum reach 8500?" After carefully reviewing the on-chain data and candlestick charts, I have a clearer understanding.

In the past two weeks, whale accounts have accumulated over 430,000 ETH, with a market value of approximately $1.4 billion. During the same period, retail investors are still worrying about the daily price fluctuations.

Institutions are quietly positioning themselves. Have they seen something that we haven't clearly understood?

**Underwater Currents**

Ethereum has been consolidating around the $3000 mark for a while now. On the surface, it seems calm, but beneath it lies a tumultuous undercurrent. If you frequently look at on-chain data, you can sense that this is not just simple oscillation.

The MVRV momentum of ETH is approaching a critical threshold. Looking back at historical patterns, whenever this indicator crosses the 180-day moving average, it is followed by a significant rally.

Interestingly, Ethereum spot ETFs have recently shifted from outflows to inflows, attracting over $147 million in funds within two weeks. Institutions have turned from negative to positive, and this turnaround speaks for itself.

**Familiar Rhythm**

The current trend reminds me of the second half of 2023. At that time, ETH repeatedly tested the bottom around 2000, and then surged more than 80% in the following four months. Today's technical patterns share many similarities with that period—both have the same patient accumulation phase and an increase in institutional participation.

History will not repeat itself exactly, but it will always leave similar shadows at certain key moments. The question now is not whether Ethereum can rise, but whether you are ready.