- Ethereum’s growing whale accumulation signals rising confidence and a potential price surge.
- The “Power of Three” pattern in ETH hints at an upcoming price shift, bullish or bearish.
- Whales move, increased user activity and the EIP-7782 upgrade could drive Ethereum’s bullish momentum.
Ethereum is witnessing a surge in investment as whales continue to accumulate ETH at lower prices, signaling growing confidence in the cryptocurrency. In an X post on Thursday, Rover highlighted that money is flooding into Ethereum. The analytical platform Artemis Terminal shows a spike in user activity in the blockchain, which hints at future growth.
Source: X
Ethereum’s “Power of Three” Pattern
Currently, Ethereum is forming the “Power of Three” pattern in the charts and analyst Rover pointed it out in his video. The trend can lead to a bearish or bullish shift and is commonly considered a precursor of later significant price shifts.
Source: X
Further, the analyst estimated a bullish situation due to the prevailing market structure after analyzing the historical data. A price blow-up after a short consolidation period can be anticipated.
Related: Crypto Whale Goes All In on Ethereum During Iran Conflict
The initial target for ETH was placed between $3,000 and $3,200, which is a key level of resistance. But, before hitting these targets ETH may face certain challenges. If a breakout happened, Ethereum does have the potential of reaching a high of $4,100, which it has faced resistance previously. If Ethereum exceeds this level, then there is an opportunity for upside thrust to push it to $5,700 level.
Although Ethereum has witnessed one of its most significant long liquidations in the last year, the on-chain metrics indicate a favorable development. In the process of the market selling off due to the geopolitical tensions in the Middle East, there was a liquidation of 388,000 ETH. Nonetheless, the whales of Ethereum have been accumulating more ETH, which indicates the potential of the token.
Whales and ETFs Fuel Ethereum’s Bullish Momentum
Ethereum whales are also contributing to the sentiment of investors, as they keep buying ETH at these low prices. Besides, an Ethereum-focused ETF recently made a significant acquisition, buying $71 million of Ethereum. These institutional investments further point to the case that big market players are betting on a significant price increase in the short run.
Additionally, the upcoming Ethereum update, EIP-7782, which will halve block times, is expected to trigger a positive movement. This upgrade is anticipated to significantly boost network efficiency, attracting more users and investors to Ethereum.
As of press time, Ethereum (ETH) is trading at $2,444 with a 1.18% increase in the last 24 hours. According to the analytical platform Coinglass data, the Open Interest (OI) is standing at $31.46 billion with a loss of 2.49%.
The ETH OI Weighted Funding Rate is at 0.0042%. This rising Open Interest shows that the market is more active. The minor increase in the funding rate can be taken to imply that investors are gearing up price movement.
The future of Ethereum is positive, technical indicators and market trends suggest that the digital currency could increase sharply. As the number of whales increases and critical upgrades such as the EIP-7782 upgrade loom ahead, there is potential for growth within Ethereum. Investors and traders are eagerly monitoring indications that Ethereum is set to push beyond the resistance points and into higher price ranges very soon.
