- Ethereum is experiencing a pullback and could hit back to test $2,400 before a possible upward correction.
- The accumulation of whales indicates high confidence in the future of Ethereum by investors.
- Inflows into Ethereum ETFs jumped last week, with an additional $528 million, totaling more than $10 billion in assets.
Ethereum’s price has faced a pullback following its inability to overcome the price ceiling of 2,600 to times of consolidation. Michaël van de Poppe, a prominent market analyst, predicts that the current price behavior represents a possible resurgence based on low support levels at roughly 2,400. The retracement in Ethereum price has been over the backdrop of an attempted breakout that received intense downsides, especially at the 2,600 price level.
Ethereum has recently experienced an indecisive market between 2,400-2,800. Although the price is volatile, the market sentiment is not negative. This retreat is regarded as a requisite action to obtain more liquidity prior to another surge. Van de Poppe believes that Ethereum could still be able to test the support level at $2,400 before the trend changes, and in this case, long-term investors buy the dips.
Whale Accumulation Strengthens Long-Term Bullish Outlook
Recently, there has been an uptick in whale activity on the Ethereum network, which could be a good indicator of the future of cryptocurrency. A report by Santiment has shown that Ethereum whales have held a total of 1.49 million ETH in the past 30 days, or $38.26 million. This boost represents a 3.72% increase in the total holdings of investors holding between 1,000 and 100,000 ETH.
Whale activity is considered a bullish indicator because such big players usually hoard their assets in anticipation of rising prices over the long run. These whales are lining up and preparing for the next big rally, which might send Ethereum breaking past previous resistance levels.
Although Ethereum has mainly been trading in ranges of about $2 400 and about 2 800, strong whale support indicates that the altcoin is gaining a foothold toward future price rises. Although the price of Ethereum has decreased by 2.38% within the last 30 days, the future perspective is positive.
American Investors Drive Ethereum ETF Inflows
Data shows that American investors are loading up big on Ethereum, as evidenced by a sharp increase in Ethereum ETFs. According to the figures of SoSoValue, spot Ethereum ETFs have recorded inflows in the last five weeks in a row. There was an impressive $528 million of cash inflow into these funds last week, compared to the inflow of $281 million a week earlier.
This growth takes the total net inflow to $3.85 billion, and the total assets held by such funds exceed now the level of ten billion dollars. BlackRock ETHA ETF has been the best performer, with a total of 5.23 billion in inflows and 4.1 billion in assets among the majors. Grayscale ETHE and ETF currently hold 2.8Â
