ETH faces a pivotal moment as whales accumulate $540 million, NVT and S2F ratios spike, and resistance at $3,200 tests bullish momentum amid rising volatility and short-term holder activity.

In just under two weeks, three Ethereum [ETH] whales have acquired over 174,000 ETH worth nearly $540 million, signaling strong institutional interest.

One address alone accumulated 68,141 ETH ($213.8 million) via FalconX, while two others added over 106,000 ETH . 

These transactions hint at growing confidence despite recent market uncertainty. At press time, Ethereum traded near $3,100, hovering below a key resistance zone. 

This aggressive buying, particularly from entities with deep pockets, suggests a potential positioning for a significant price shift in the coming sessions.