According to Santiment, Ethereum experienced an 8% price surge in the last 24 hours, driven by a significant increase in whale accumulation as large wallet holders (holding over 10,000 ETH) reached a six-month high in holdings. This on-chain trend suggests increasing confidence among institutional investors, which is historically correlated with short-term price rallies and higher trading volumes (source: Santiment, June 2024). Traders should monitor resistance at the $3900 level, as blockchain data indicates potential for further upward momentum if this level is breached. Additionally, elevated on-chain transaction fees highlight increased network activity, signaling heightened trader participation (source: Glassnode, June 2024).