Ethereum Price Eyes Rebound To $3,000 As Whales Buy 110k ETH

Ethereum price movement has gained attention as large investors accumulated 110,000 ETH within the past 72 hours. This accumulation comes at a time when the cryptocurrency market has been experiencing fluctuations, with ETH recently facing a sharp decline. Analysts suggest that this whale activity could signal a rebound, possibly pushing ETH price towards the $3,000 mark.

Ethereum Price Recovery in Sight as Whales Accumulate

In a recent post on X platform, formerly Twitter, crypto analyst Ali Martinez reported that ETH whales have purchased 110,000 ETH over the past three days. This accumulation suggests increased confidence among institutional and high-net-worth investors despite recent price volatility.

Historical trends indicate that when ETH whales engage in large-scale accumulation, Ethereum price tends to stabilize or rise. The recent purchases have reduced the available supply in the market, which may create upward pressure on the price if demand remains strong.

If this trend continues, Ethereum price could break resistance levels and approach the $3,000 target in the coming weeks.

More so, the recent buying by large investors shows a change of strategy from the most recent ETH panic selling after the price hit crucial support levels. Whales had previously offloaded over 440,000 ETH amid market uncertainty, but renewed accumulation suggests a potential shift in sentiment. This reversal indicates growing confidence in Ethereum long-term value despite short-term volatility.

Price Struggles Amid Market Uncertainty

Despite the bullish outlook from whale accumulation, Ethereum price has faced downward pressure due to overall market weakness. ETH has declined by 17% in the past week, hovering around the $2,378 resistance level. If buyers fail to maintain their position, a retest of lower support levels around $2,100 could occur.

Recent market events, including a $1.5 billion hack on the Bybit exchange, have contributed to heightened volatility. The attack, allegedly linked to North Korea’s Lazarus Group, triggered a sharp decline in cryptocurrency prices. Some analysts warn that if bearish momentum continues, Ethereum price could test the $2,000-$2,100 range in the near term.

Moreover, macroeconomic factors are also influencing Ethereum price movements. The U.S. Federal Reserve’s stance on monetary policy has led to reduced liquidity in financial markets, impacting risk assets such as cryptocurrencies. If interest rates remain high, crypto markets may struggle to attract fresh capital, increasing the risk of further declines.

A shift in Federal Reserve policy, particularly the introduction of economic stimulus measures, could provide support for Ethereum price recovery. If market conditions improve and ETH whales continue accumulating, ETH may regain the $3,000 level.

ETH Price Action And Predictions

Meanwhile, analyst Benjamin Cowen has suggested that Ethereum price could drop below $1,500, potentially testing the $1,000-$1,200 range if selling pressure intensifies. However, some analysts believe ETH is currently oversold, which could lead to a short-term rebound.

Analyst Trader1PA added,

“Ethereum is oversold. It’s trading in its biggest orderblock of history and you’re being bearish. I’m trust the charts.”

Supporting the bullish outlook, a recent CoinGape report highlighted that traders expect Bybit’s resolution to the $1.4 billion hack to tighten ETH supply. Tim Beiko’s firm stance against an Ethereum rollback reinforces confidence, further boosting the bullish predictions toward the $3,000 mark.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.