Ethereum price present situation evolves under intensified bearish market sentiments across the crypto market.
However, recent data indicates that institutional investors and whales have purchased large amounts of ETH.
This may shape Ethereum price prediction direction moving forward.
Ethereum Whales and Rising Accumulation
In a recent X post, crypto analyst Ali Martinez has noted that, in the past week, Ethereum whales executed major transactions by purchasing around 600,000 ETH.
The substantial increase in buying activity has led to a significant decrease in the amount of ETH that remains on cryptocurrency exchanges.
Notably, the reduced amount of Ethereum on exchanges creates fundamental changes in market supply and demand dynamics.
Consequently, this could drive prices upward when the trend persists.
The substantial purchasing activities of major players indicate a positive prediction of Ethereum price future level.
Additionally, significant growth has occurred in the number of addresses holding between 10,000 and 100,000 ETH.
Major market participants are showing sustained interest in Ethereum as they demonstrate confidence through increased investment.
As ETH fluctuates, the actions of whales provide a glimpse into their market sentiment and potential influence on price movements.
BlackRock Continued Investment in Ethereum
More so, BlackRock’s recent investment activities signal institutional rising interest in Ethereum.
The leading asset management company maintained a positive outlook on Ethereum by expanding its Ethereum ETF positions.
BlackRock made an additional $12.5 million Ethereum purchase on February 11 that elevated its Ethereum investments to $4.44 billion total.
BlackRock’s investment strategy demonstrates its firm belief in Ethereum price’s upcoming growth potential and bolsters the cryptocurrency’s market success.
The firm’s dedication to Ethereum ETFs will spur institutional investment growth that will fuel additional market demand and elevate Ethereum price prediction.
Ethereum Price Prediction Potential Targets
As Ethereum price faces this critical point in its price movement, predictions regarding its next steps remain mixed.
Technical analysis points to an upcoming ETH surge since the cryptocurrency approaches its essential $2,894 resistance area.
A price rally may initiate after a successful breakout that targets the 61.80% Fibonacci retracement at $3,500.
The necessary breach of this resistance zone demonstrates robust bullish momentum.
However, a price rally remains uncertain despite current conditions.
Additional bearish pressure awaits Ethereum price if it fails to penetrate current resistance levels.
Support points at $2,509 and $2,400 will determine how deep pullback periods could go.
If support at these levels fails then Ethereum might face extended bearish phases with additional price declines.
At press time, Ethereum price was trading at $2,665.75 reflecting a 3.64% decline over the past 24 hours.
The trading volume stands at $25.65 billion, while the market cap is $321.47 billion.
