Ethereum Price Prediction: Whale Accumulation Signals Possible Upside

• Ethereum price prediction suggests that ETH could remains sideways until a breakout or breakdown occurs on either side.
• Ethereum whales have begun accumulating, while traders have increased their bets on long positions, indicating potential upside momentum.

Amid market uncertainty, Ethereum price predictions suggest that the asset will remain sideways for the upcoming days. This may be because ETH continues to hold the asset price above the 200 EMA and the lower boundary of a narrow range for a prolonged period.

Ethereum Whales on Buying Spree, Time to Accumulate?

Despite the price hovering sideways for a prolonged period, whales and crypto experts remain very excited and show strong interest and confidence in the asset.

Recently, a well-followed crypto expert made a post on X (formerly Twitter), noting that whales holding between 100,000 and 1,000,000 ETH have added over 1 million ETH to their holdings in the past 48 hours.

This substantial purchase by industry giants typically occurs when the price approaches the lower boundary.

Meanwhile, another post by the blockchain-based transaction tracker Lookonchain shared that a newly created wallet has withdrawn 4,150 ETH worth $10.72 million from Kraken.

When observing such accumulation by industry giants, it raises the question: is this the right time to buy ETH, or should we wait for a further price drop?

Expert Bullish View on ETH

Given the current market sentiment and ongoing price consolidation, a well-followed crypto expert shared a post highlighting that ETH has been mirroring its 2020 pattern.

The post included a chart showing that in 2020, ETH rallied following an ascending triangle breakout, moved into consolidation, and then, when this consolidation broke out, rallied significantly.

This time, the price action has mirrored that pattern so far: ETH has broken out of an ascending triangle and rallied, and is now undergoing a prolonged consolidation. This has garnered the attention of experts and crypto enthusiasts, who are watching closely for a potential repetition of history with another bull run.

Current Price Momentum

As of now, ETH is trading near $2,531 and remains unchanged over the past 24 hours. However, during this period, the asset has made an intraday high of $2,550 and a low of $2,483.

This sideways action has caused fear among traders and investors, resulting in lower participation during the same period. Data from CoinMarketCap reveals that the asset’s trading volume has dropped by 41% compared to the previous day.

Ethereum (ETH) Price Action and Upcoming Levels

According to expert technical analysis, Ethereum price predictions suggest that ETH could see a small upside rally within a consolidation zone until it reaches the upper boundary of the pattern.

On the daily time frame, it is clearly visible that the asset has been trading between $2,400 and $2,730. Additionally, it has been over three weeks since the price has been respecting these upper and lower boundaries.

ETHUSDT Daily Chart | Source: Trading View

Ethereum Price Prediction

Based on recent price action and historical momentum, if the price surges and sustains above the $2,830 level, it could be a bullish sign. If this happens, Ethereum price predictions suggest that ETH could rally by 40% and may reach the $4,000 mark in the future.

On the other hand, if ETH falls below the lower boundary, the Ethereum price prediction would be bearish. If this occurs, the asset could see downside momentum toward the $2,400 level.

Traders Eyes on Long Positions

With this bearish market structure, traders appear to be strongly following the market sentiment by betting on short positions, as reported by the on-chain analytics firm CoinGlass.

Data shows that traders are currently over-leveraged at $2,469 on the lower side and $2,566 on the upper side. At these levels, they have built $946 million worth of long positions and $498 million worth of short positions. This shows traders strong believe that ETH price won’t go below the $2,469 level anytime soon.

ETH Exchange Liquidation Map | Source: Coinglass

When combining these data with technical analysis and expert commentaries, it appears that bulls are in control and are currently seizing the opportunity to buy the dip. However, a major rally would only be possible if ETH breaks out of this consolidation; otherwise, it will continue to remain sideways.