ETH has gotten a little interesting lately—giant whales are buying, and the on-chain and order-book signals are lining up; the game window is about to close.

**Order book:** 3200-3400 has support, while 3600-3800 is strong resistance. Right now it’s stuck in the middle, oscillating on shrinking volume; the 4-hour MACD is quickly losing steam. If it breaks below 3200, look for 3000; if it breaks through 3500 with volume, it could surge toward 3800.

**On-chain:** A new address has accumulated 40,000 ETH—apparently done by someone from Bitmine, not retail. Whale buying is usually a good thing, but be careful—they may have opened hedges, not pure longs. Also, active addresses haven’t risen, which suggests the money is coming in but real demand hasn’t kept up, meaning volatility will likely be higher.

**Macro + Liquidations:** The Fed’s “shoe” is still hanging over the market. From the liquidation heatmap, below 3200 there are long positions totaling $250 million, and above 3600 there are $180 million in short positions. Once one level breaks, it’s easy to trigger a cascade.

**Summary:** There’s support holding the bottom, but there’s no strength to push upward. Wait for signals at the edges of the range before making a move—don’t rush to pump higher.
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