"ETH Whales Accumulate Amidst Market Outflows; Upside Rally Looms"

Ethereum (ETH) has garnered significant attention from crypto investors despite the recent price decline in the cryptocurrency market. Coinglass, a major on-chain analytics firm, has revealed that whales, investors, and long-term holders have been accumulating the token.

In a notable development, exchanges worldwide have witnessed a substantial $200 million worth of outflows of ETH tokens. This significant outflow, occurring amidst bearish market sentiment, suggests potential accumulation and could lead to heavy buying pressure and a further upside rally.

Ether is currently trading near the $2,945 level, having experienced an 8.90% price decline in the past 24 hours. However, despite the current market sentiment and notable price decline, traders and investors have shown strong interest and confidence in the token, resulting in a 90% jump in trading volume.

According to expert technical analysis, with the massive price drop, ETH has reached near its strong support area of $2,800. If Ether holds above this level, there is a strong possibility it could soar by 30% to reach the $3,850 level in the future. Conversely, if it fails to hold this support level and closes a daily candle below $2,800, we could see a price drop of 20% to the next support at the $2,250 level.