Ethereum Price Surges 67% in 2024 as Whales Accumulate 1.1 Million ETH

Ethereum’s price action has been closely mirroring the pattern observed in 2016/17, which led to a significant rally. This fractal pattern suggests that Ethereum could be on the verge of a similar bull run, similar to the one experienced in 2017. The price trend in 2016 featured a series of lows and highs, culminating in a dramatic spike. Recently, Ethereum has displayed a similar pattern, marked by large price movements and a breakdown preceding a potential surge. In early 2024, ETH dropped to around $2,400, then rebounded to approximately $4,000. It is now retesting the $2,400 support level.

This fractal pattern suggests that if ETH mirrors its historical behavior, the $2,400 support could spark a new bull run. However, failing to hold this support might trigger another round of declines, similar to the sharp short-term sell-offs of the previous cycle. The total move from the 2024 low to the current high is a gain of over $2,000 per ETH. This recent phenomenon of rapid bounce back from steep drops might be a sign of strength if support levels at hand can resist market stress.

Considering these trends, Ethereum can be readying to mirror price increases similar to its 2017 to late 2016 rally. However, if the trend is not sustained, we can expect a reversal situation with potential dips. Whales have recently been highly active, collectively purchasing 1.10 million ETH. This increased activity coincided with a sharp price drop, followed by a quick recovery. Between the 25th of February and the 4th of March, ETH’s price fell to $2,184 before rebounding to approximately $2,284.

This whale accumulation may signal anticipation of a market rally, potentially driving these significant purchases. Historically, such large-scale buying by market movers often precedes rallies, as they may have access to advanced market analysis tools or insights predicting future price appreciation. Conversely, if whales reverse their buying activity and start selling, it could create downward pressure and potentially trigger a sell-off. However, if ETH holds steady at its recent rebound level and whales continue accumulating, it may signal the start of a bull trend.