Ethereum (ETH) is surging toward $3,000 as large investors, known as “whales,” aggressively accumulate over 1.4 million ETH in the past month. This massive buying spree aligns with a key technical breakout, signaling strong bullish momentum for the second-largest cryptocurrency.
Key Takeaways:
Whales added 1.4M ETH ($4.2B+) since mid-April, increasing holdings from 15.8M to 17.2M ETH.
ETH price surged from $1,600 to over $3,100, breaking major resistance levels at $2,200 and $2,800.
A “Golden Cross” on the 12-hour chart confirms bullish momentum.
Next resistance at $3,100, with critical support at $2,233.
Why Are Ethereum Whales Buying So Aggressively?
According to analyst Crypto Rover, Ethereum whales (wallets holding 10,000–100,000 ETH) began accumulating just before the price rally, suggesting strong conviction in ETH’s long-term growth.
3 Reasons Behind the Accumulation:
Anticipation of ETH ETF Approval – Speculation grows around a potential spot Ethereum ETF, mirroring Bitcoin’s ETF-driven bull run.
Upcoming Ethereum Upgrades – Continued network improvements (e.g., Dencun, Proto-Danksharding) enhance scalability and demand.
Institutional Interest – Major funds and hedge banks are increasing crypto exposure, with ETH as a top pick.
Technical Analysis: Golden Cross Signals More Upside
Crypto analyst Ted Pillows highlighted a bullish Golden Cross on Ethereum’s 12-hour chart, where the 50-MA crossed above the 200-MA. Historically, this pattern precedes extended rallies.
Key Levels to Watch:
Resistance: $3,100 (next target), then $3,500 (psychological barrier).
Support: $2,800 (recent breakout), $2,233 (must hold to avoid bearish reversal).
What’s Next for Ethereum?
With whale accumulation, technical strength, and growing institutional interest, ETH appears poised for further gains. However, traders should watch for:
ETF news (SEC decisions could trigger volatility).
Bitcoin’s price action (BTC dominance impacts altcoins).
Macroeconomic factors (Fed rate cuts may boost crypto markets).
Expert Price Predictions:
Ali Martinez sees $3,100 as the next resistance.
If bullish momentum continues, $3,500–$4,000 could be in play by late 2024.
Conclusion: Is Ethereum a Buy Now?
The combination of whale buying, technical strength, and fundamental catalysts makes ETH a strong contender for further upside. A clean break above $3,100 could confirm the next leg up, while a drop below $2,233 may signal a deeper correction.
