Will Ethereum Price Rally Continue After 40% Weekly Gains?

Ethereum price continues to show strength as US-China trade talks made progress on Sunday, after gaining 40% last week. Institutional interest and ETH whale activity are picking up once again, with big money once again flowing into the altcoin. Last week rally has once again flipped the market narrative from “Ethereum is dead” to now ETH at $10,000.

Ethereum Price Rally to Continue With Whale Accumulation

Amid the positive talks around US China trade deal, Ethereum price gained another 2.5% today, moving to $2,600 levels. Popular crypto analyst Rekt Capital stated that ETH closing above $2,200 could kickstart a rally further to $3,900.

Historically, Ethereum securing a weekly close above $2,200 has triggered sustained uptrends across this range, according to the analyst. “Weekly closes above $2,200 have historically set off uptrends across the Range,” noted Rekt Capital.

The analyst added that any potential dips would serve to reinforce $2,200 as a robust range-low support, further solidifying Ethereum’s bullish outlook.

Another popular analyst Henry, stated that “Ethereum isn’t dead. Its coiling”. In a message on the X platform, he added:

“If you look at TA ETH forms Ascending Triangle between 2109 & low of 1385! Huge pump expected post breakout. After a 3 day rally ETH hit 1st resistance at 2578 is now retesting 1800-2578 zone. Next resistances: 3073, 3316, 3700, 4013. Positions accordingly!!”

The analyst added that he expects the Ethereum price to shoot to $12,000 by the year-end. Key factors supporting the rally would include staking for Ethereum ETFs, token burn after Pectra upgrade, and other fundamental aspects.

Ethereum Whale Activity Surges

A prominent Ethereum whale who has spent the last three months accumulating ETH, has flipped its $21 million to profits. Blockchain analytics firm LookonChain reported that earlier today, the whale recently withdrew 1,687 ETH, valued at $4.2 million, from the cryptocurrency exchange Gate.io.

Since February 15, the investor has withdrawn a total of 50,165 ETH, worth approximately $104.5 million, at an average price of $2,084 per ETH. This strategic accumulation has reversed a $21 million loss into an impressive $21.7 million profit. This strong ETH whale activity shows that ETH price could continue its journey ahead with no major corrections in sight.

The post Will Ethereum Price Rally Continue After 40% Weekly Gains? appeared first on CoinGape.