The Ethereum (ETH) market has recently seen some notable changes. On Wednesday, the price of ETH successfully broke through $4300, reaching a high of $4340. This rise is closely related to the behavior of market participants.

Data shows that investors holding a large amount of ETH, commonly known as "whales", are actively increasing their positions. Over the past week, large holders with 10,000 to 100,000 ETH have collectively added more than 450,000 ETH. This continues the trend of accumulation since May this year, indicating these large investors' long-term confidence in ETH.

At the same time, the behavior of small-scale holders has shown a different trend. In the past week, these investors have reduced their holdings by more than 500,000 ETH. This divergent trading behavior has led to a redistribution of liquidity in the market.

It is worth noting that new investors entering the market are also steadily increasing their ETH holdings. Although the purchase volume is not as high as in August, accumulation addresses or wallets with no sale records are still continuously absorbing ETH.

The changes in the exchange reserves also reflect this trend. Since the beginning of September, the reserves of ETH on exchanges have decreased by 260,000. This is often seen as a bullish signal, as it indicates that investors tend to transfer ETH from exchanges to private wallets for long-term holding.

From a technical perspective, ETH has broken through the resistance of the downward trend line and has retested the key level of $4500. This breakthrough brings positive signals for the future price movement of ETH.

Overall, the ETH market is currently showing a pattern of large holders increasing their positions while small holders are reducing theirs. As the price breaks through important levels, market participants will closely monitor the subsequent trends, especially the changes in positions of large holders and the entry of new investors. These factors will significantly impact the short-term price movements and long-term development prospects of ETH.