Ethereum Surges 5.7% as Whales Accumulate 450,000 ETH

Ethereum (ETH) has experienced a significant surge this week, with its price increasing by 5.7% to reach an intraday high of $2,495. This rally is primarily driven by a phase of accumulation from large holders, commonly referred to as whales. According to on-chain analyst Ali Martinez, Ethereum whales have added over 450,000 ETH to their holdings in the past month. This accumulation trend aligns with the overall market volatility and the growing institutional interest in digital assets.

Despite the weekly rally, Ethereum is currently facing resistance. The price is at $2,478, just below the 50-period Exponential Moving Average (EMA) of $2,535. A descending triangle pattern is forming on the 2-hour chart, which is a bearish setup marked by lower highs and support at $2,420. The MACD momentum indicator supports this view, with both the histogram and signal lines below zero, indicating weak buying interest and a potential breakdown.

Ethereum's price prediction is currently coiled, awaiting a breakout. A strong move below $2,420 with significant volume could trigger a deeper pullback to $2,348 and $2,278. Conversely, a bullish engulfing candle above $2,535 would invalidate the bearish thesis and open up the possibility of a retest of $2,648 and potentially higher levels. For now, the market is in a state of anticipation, with whales continuing to accumulate and the overall crypto market showing bullish tendencies. Ethereum's next significant move is expected to coincide with Bitcoin's approach to the $103K resistance level.