Ethereum (ETH) is maintaining its position near the critical $3,947 level, as traders anticipate a potential breakout towards $4,200. The cryptocurrency has tested support between $3,875 and $3,900, with sustained movement above $3,947 possibly indicating renewed upward momentum. The Federal Reserve's recent 25-basis-point rate cut has bolstered crypto market sentiment, leading to increased ETH trading volumes and open interest, now at $47.03 billion. On-chain data reveals $7.9 million in ETH exchange outflows, suggesting accumulation by investors. Analysts note that Ethereum may be in Phase D of a Wyckoff reaccumulation pattern, with a potential target of $4,478 if the current pivot equilibrium level is reclaimed.