Recently, the crypto market has seen increased fluctuations, but Ethereum (ETH) has performed excellently, demonstrating strong resilience. It has been observed that some large capital participants are actively positioning in ETH, attracting attention.

It is reported that after issues arose on the BitMEX platform, a large investor spent approximately $1.5 billion to purchase 379,000 ETH. This move has allowed the investor to control 2.5% of the circulating supply of ETH, with intentions to further increase this to 5%. Additionally, nearly $1 billion in stablecoin funds is poised to enter the market, indicating that more buying power may follow.

From a technical perspective, ETH currently has strong support around $3800. If it can break through the key resistance level of $4000, the next target price may be in the range of $4200 to $4400. On the daily chart, the EMA and MACD indicators show a bullish arrangement, and the RSI remains at a healthy level of 65, indicating ample room for upward movement. It is worth noting that 76% of ETH holders have held their coins for over a year, demonstrating the confidence of long-term investors.

In terms of the macroeconomy, the market generally expects the Federal Reserve to start cutting interest rates in October, which could become an important driving force for the crypto market. Historical data shows that the Federal Reserve's interest rate cut cycles are often related to increases in Bitcoin prices. However, caution is needed regarding the risks that excessive optimism may bring; if an unexpected rate cut occurs in December, it could instead raise concerns about an economic recession.

At the same time, positive signals have also emerged in the stablecoin market. Tether and Circle jointly issued about 6 billion USD worth of stablecoins, injecting new liquidity into the market. This is often seen as a precursor to the entry of institutional and traditional funds, and historically, a significant increase in the supply of stablecoins often heralds the arrival of important turning points in the market.

Overall, despite the uncertainty in the short-term market, both the fundamentals and technicals of ETH show positive signals. Investors should closely follow the direction of the Federal Reserve's policies and the movements of large funds while remaining cautious and managing risks.