Ethereum Price Eyes 30% Rally as Whales Scoop 10M ETH Amid 2000 TPS Proposal

Ethereum price eyes 30% gains in May as historical trends signal that it is one of the best months for the largest altcoin. Meanwhile, whales are actively accumulating ETH, amid renewed optimism that a new proposal will increase network throughput to achieve 2,000 TPS, and possibly restore Ethereum’s dominance among layer one networks.

ETH value today stands at $1,801 with a modest 0.9% gain in 24 hours. Buyers are attempting to turn the $1,800 resistance into support, and if they are successful, it could spark further gains.

Ethereum Price Targets 30% Gains in May as Whales Accumulate

Data from Coinglass shows that May is the best month for Ethereum price, with returns averaging around 30%. If history rhymes and Ethereum follows this trend in the coming months, it could surge from the current price of $1,800 to hit $2,300.

Whales appear to be readying themselves for a potential upswing, with data from santiment showing that these large traders have purchased millions of Ethereum tokens in the last 24 hours. During this period, the addresses of traders holding between 1,000 and 10,000 ETH increased their holdings by 10M tokens, equivalent to around $18 billion at the current Ethereum price.

Whales are often known for buying the dip and selling at the top. Therefore, if these traders are buying now, it might signal that the Ethereum price is eyeing gains in the near term.

New Proposal Could Push Ethereum TPS to 2,000

Besides historical data and whale activity, a new Ethereum proposal might be another key driver for Ethereum price gains. The EIP 9698 proposal seeks to increase the Ethereum gas limit by 100x in the next four years, which might be a bullish catalyst for this altcoin.

According to popular analyst fabda.eth, this proposal will have a bullish impact on Ethereum scalability, noting that the network TPS may reach 2,000, while the total transactions will hit 6,000. If this happens, Ethereum could achieve scalability and rival Solana to attract dApp activity, which will bolster demand and support a bullish Ethereum price prediction.

Ethereum Price Analysis Amid Bullish Breakout

Ethereum price recently broke out of a descending parallel channel on the daily chart, which is often a sign that the altcoin has overcome the recent downtrend, and it is eyeing an upward trend. This breakout is also confirmed by the AO bars that have crossed above the zero line, suggesting that the bullish momentum is growing strong.

The RSI is tipping north, and it has crossed above 50, which is also an indication that bulls are in control and a rally is likely. If ETH can overcome the resistance at $2,025, its next target price is $2,700 and eventually $3,500.

To sum up, Ethereum price is flashing several bullish signals, including whale accumulation and an ongoing network proposal to bolster network scalability. As these bullish factors align, traders should watch out for a rally of around 30%, which will match the average returns that ETH often sees in May.

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muthoni

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.