With major holders increasing their positions, Ethereum has begun a key bullish phase as the price pushed through tough resistance areas. Over the past few weeks, ETH wallets containing between 10,000 and 100,000 units of ETH added a total of over 1.4 million coins.
Interest in Bitcoin has grown among institutions and prominent investors because the asset’s price rose from around $1,600 to over $3,100. Having built up funds in Ethereum quickly may suggest that the people involved believe the price will increase further.
Whale Activity Signals Confidence Ahead of Potential Breakout
According to market analyst Crypto Rover, leading ETH holders saw their combined ETH holdings increase from approximately 15.8 million to just over 17.2 million during this period. Before the recent jump in Ethereum’s price, the buildup indicated a good moment to step in when prices were lower.
The moves occurred when Ethereum passed key resistance around $2,200 and later around $2,800. As accumulation went on, many traders read this as evidence that major players in crypto expect the price to go up.
Besides what whales are doing, technical indicators also support the bullish case. Analyst Ted Pillows points out that a golden cross has just formed on the Ethereum 12-hour chart. Usually, when the 50-period moving average crosses above the 200-period, it is followed by a rise in price.
Pillows added that Ethereum must remain above $2,200 to keep this trend intact. A drop below this level might weaken buyer interest and increase selling pressure.
Support and Resistance Zones Define Ethereum’s Next Move
According to Ali Martinez, Ethereum would encounter significant resistance if it reached the $3,100 level. He pointed out that staying above $2,233 is necessary for Bitcoin to keep rising.
If Ethereum holds above this critical level, it will likely rise to $3,000. But, if that base is not defended, the price may return to $1,900.
Right now, Ethereum is changing hands for $2,478.66, up 1.29% from yesterday. This week, there has been mixed performance, as the declining 2.74% signals that markets are currently turbulent.
Conclusion
The accumulation of extensive holdings and a technical rise on Ethereum mean the asset is just shy of a primary psychological goal. If optimism among investors continues, the price changes around the $3,000 level may decide Ethereum’s outlook for a while.
