Ethereum Poised for Bullish Surge as Whales Accumulate and Key Indicators Align
Ethereum (ETH) may be on the cusp of a significant price increase. On-chain data and technical analysis suggest that large investors are preparing for a rebound.
Currently, ETH trades at $2,545, slightly below its monthly peak. However, signs point to a potential surge. Whale addresses,which hold substantial ETH,have seen a steady rise. They now hold 103.5 million ETH, up from 102 million in early March. This 1.5% increase is a positive indicator.
Ethereum’s ecosystem is also thriving. The total value locked (TVL) in its network has surged by 26% in the past month, reaching over $132 billion. Bridged TVL, which includes cross-chain assets, is now over $408 billion. These figures dwarf those of competitors like Solana and Binance Smart Chain.
Ethereum ETFs are also attracting more investments. In the last six days, they’ve seen inflows totaling $2.76 billion, according to SoSoValue data.
Technically, Ethereum has formed a bullish flag pattern. It rallied from $1,382 in April to its current price. ETH is trading between key Fibonacci retracement levels. A golden cross, a bullish signal, is highly likely to form soon as moving averages approach a crossover.
Ethereum is holding above a crucial support level.If it breaks above $2,730, it could signal a strong bullish breakout. The next major target would be $3,000, an 18% gain from current levels.
