ETH rises above 3200 USDT, whales and institutions are quietly accumulating

According to the latest news, ETH successfully broke through the key level of 3200 USDT, currently quoted at 3200.6 USDT. This is not only a technical breakthrough but also reflects a significant increase in on-chain activity and continuous institutional participation.

Support Behind the Breakthrough of the Key Level

Price performance remains steady

ETH has risen by 2.40% in the past 24 hours, with a total increase of 3.19% over the past 30 days. Although the 7-day decline is 0.85%, in the short term, recent upward momentum remains relatively stable. In terms of market capitalization, ETH is stable at $38.513 billion, accounting for 12.09% of the market, maintaining its position as the second-largest cryptocurrency asset.

On-chain activity is heating up

In recent days, large ETH transfers have increased significantly. According to the latest data:

• January 12: Whales transferred 28,320 ETH to the Beacon Chain deposit contract, worth approximately $88.4 million
• January 11: 21,120 ETH and 19,200 ETH were transferred to Beacon deposit contracts respectively, totaling over $124 million
• During the same period: Bitmine (an institution under Tom Lee) staked an additional 86,400 ETH, valued at $266.3 million

Most of these transfers are directed to the Beacon Chain deposit contract, indicating active ETH staking by participants, contributing validation power to the Ethereum network while earning rewards.

Increasing Institutional Participation

The continuous large staking by Bitmine is particularly noteworthy. According to data, Bitmine has staked over 1.08 million ETH, with a total value of about $3.33 billion. This reflects professional institutions’ recognition of ETH’s long-term value; staking behavior is essentially a bullish signal—institutions are willing to lock assets on-chain.

Meanwhile, in the past 24 hours, the entire network experienced contract liquidations totaling $215 million, with ETH liquidations amounting to $58.306 million. This indicates that both long-term investors and short-term traders are actively competing in the market.

Technical and Market Sentiment

According to technical analysis, ETH shows a gradual adjustment of bullish and bearish forces on the 4-hour candlestick chart. Recent trading volume has decreased, and the market appears somewhat subdued, but this also leaves room for further upward movement. The key support level is at 3063 USDT, and the key resistance level is at 3154 USDT.

After breaking through the 3200 level, if ETH can stabilize and continue upward, the next resistance point to watch is around 3296.84 USDT.

Summary

ETH breaking through 3200 USDT is a positive signal, but what is truly worth noting is the on-chain activity and institutional involvement behind this breakthrough. Whales and institutions like Bitmine continue to transfer and stake ETH, indicating a relatively optimistic outlook on this price level. However, the decrease in trading volume also suggests that the market needs new inflows of capital to sustain the upward momentum. Whether ETH can hold above 3200 and break through the resistance at 3296 will be key to judging the future trend.