In recent days, a wealthy Ethereum investor has bought $70 million worth of the altcoin while the ETH price was low. It is crucial for the ETH value to go above $3,600.

On Wednesday, April 10, the price of Ethereum (ETH) dropped to $3,400 after the US announced strong CPI data for March. However, the ETH value has since gone back up, reaching over $3,550 again. This increase happened as a big investor was accumulating ETH.

The investor bought around 10,309 ETH, which is worth $35.82 million, during a market dip. This purchase came after they had previously bought 10,643 ETH for $36.75 million on April 8th, just before the price of Bitcoin (BTC) went up.

These purchases show that the investor has confidence in ETH and is taking advantage of market changes to potentially profit from future price movements.

Moreover, reports show an increase in Ethereum open interest and futures call options, indicating positive momentum for ETH ahead. Analysts are optimistic about ETH reaching $4,000.

Currently, Ethereum is trading near $3,500, following the 100-hourly Simple Moving Average closely. Resistance is expected around $3,600 and $3,650, with significant barriers at $3,725 and $3,780. Breaking through $3,800 could lead to more gains.

However, failing to surpass the $3,600 resistance might lead to a drop in value. Initial support is at $3,520, with stronger support at $3,500. If the price continues to fall, it could bottom out around $3,400.