Ethereum (ETH) is trading at $2,399.07 with a market capitalization of $292.87 billion, following a 1.36% decline over the past 24 hours. Despite the short-term price dip, technical analysis and on-chain data suggest a potential bullish reversal, as large investors, known as whales, have accumulated significant amounts of ETH.
Ethereum is currently trading at $2,399.07, with a 24-hour volume of $15.96 billion. Analyst Michael van de Poppe suggested ETH could see a short-term correction. According to Cropty, a move below the $2,355 level might push the asset toward $2,300, serving as an initial accumulation zone.
A deeper decline toward $2,200 could offer more attractive entry points. Despite the possible retracement, the outlook remains positive if Ethereum can sustain support in the $2,200-to-$2,300 range, potentially setting the stage for a rally toward $3,000.
Data from Arkham highlighted significant whale activity, with two new Ethereum wallets withdrawing $126.25 million worth of ETH from platforms FalconX and BitGo. The wallets had no prior transaction history, leading to speculation about institutional buying.
The transactions resemble previous Ethereum purchases associated with BitMine, though no direct link has been confirmed. The Ethereum price action will depend on buyer reaction at the $2,300-to-$2,200 support region. If bulls hold this area, stability and renewed momentum could follow, while a breakdown below could lead to further declines.
