Ethereum Price Eyes Breakout To $4K Amid Whales’ 450K ETH Bet

Ethereum price has, in the last 30 days, increased in value by a massive 57.54% as it continues its recovery journey.

Ecosystem movement and technical analysis suggest that Ethereum might soon witness an enormous breakout that could push the price above $4,000.

Ethereum Price: Analyst Flags Bullish Momentum

As of press time, ETH price was trading at $2,483.79 after hitting a peak of $2,603.86 in the crypto market.

The asset’s volatility has triggered concerns in the ecosystem, with some analysts questioning Ethereum’s future outlook.

Michaël van de Poppe, a renowned crypto enthusiast, has critically analyzed the Ethereum price chart and shared his insight.

According to van de Poppe, Ethereum’s current support zone ranges between $2,000 and $2,400.

This suggests that any dip in price below the $2,400 level presents a buying opportunity for ecosystem investors.

The crypto enthusiast noted that afterwards, Ethereum ETH might witness a potential rally that could see it post an all-time high (ATH).

He implied that Ethereum is on the verge of a bullish move and that any investor interested in the coin needs to seize the current opportunity to acquire the asset.

Van de Poppe maintains buyers would be making “…a steal before we’ll start to run off towards the ATH’s for Ethereum.”

This suggests that he expects ETH price to surge significantly after this period.

Are Ethereum Whales Setting Stage for Supply Shock?

Meanwhile, Ali Martinez, an on-chain analyst, has spotted another bullish signal for the leading altcoin.

Large holders have been active in the last month, when Ethereum’s price increased massively by over 57%.

Ethereum whales accumulated over 450,000 ETH, valued at around $1.12 billion. This volume is significant as it suggests great confidence by these large holders.

Generally, when whales accumulate consistently, it reduces the circulating supply and could trigger a price increase if the demand remains strong.

It could also mean that these large Ethereum holders have leveraged the low ETH price to accumulate more in their portfolio in anticipation of an increase.

Ali’s post appears to align with that of van de Poppe, who believes Ethereum is currently undervalued and that buying it now is “a big steal.”

These bullish predictions could mean that Ethereum price is consolidating and waiting for the right trigger to break out.

Whether Ethereum whales catalyze a rally remains of interest to market participants.

ETH Price Key Resistance and Pullback Zones at Play

If Ethereum rallies, investors anticipate it should rise above the $2,500 resistance level.

In a previous attempt, Ethereum price faced rejection at this level as sellers flooded the market with the asset, looking to take profit.

Asanother analyst, Crypto Patel, observed, Ethereum is currently witnessing a price correction. Patel suggests that ETH could drop to below $2,000 before rebounding, as Ali and van de Poppe suggested.

In Patel’s calculation, ETH price could slip to $1,800 as a major buy zone, particularly for institutional holders, before a huge recovery occurs.

Patel forecasts a possible rise to between $4,000 and $5,000 if Ethereum support holds.

Interestingly, the Ethereum exchange-traded funds (ETFs) market shows that institutional investors are underperforming. Most purchases have been in the tens of millions.

It might seem that these investors are awaiting further dips before moving in for massive accumulation ahead of a breakout.

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