- Ethereum has experienced a pullback and could potentially come back to test $2,400 before potentially an upward fix.
- The accumulation of whales shows high confidence by investors in Ethereum’s future.
- The inflow into Ethereum ETFs jumped last week, with another $528 million totaling over $10 billion in assets.
Ethereum prices face pullbacks as they cannot overcome the time of consolidation of the 2,600 price cap. Famous market analyst Michael Van des Poppe predicts current price action represents a potential revival based on a low support level of around 2,400. The Ethereum price retracement comes against the backdrop of breakout attempts that received intense flaws, particularly at price levels of 2,600.
Ethereum has recently experienced an indecisive market of 2,400-2,800. Prices are volatile, but market sentiment is not negative. This retreat is seen as a necessary action to gain more liquidity before another surge. Van de Poppe believes Ethereum could potentially test its support level for $2,400 before trends change. In this case, long-term investors will purchase a DIP.
Whale accumulation strengthens long-term bullish outlook
There has been an increase in whale activity on the Ethereum Network recently, which could be a good indicator of the future of cryptocurrency. Santiment reports show that Ethereum whales have a total of 1.49 million ETH, or $38.26 million, over the past 30 days. This boost represents a 3.72% increase in total holdings of investors with 1,000-100,000 ETH.
Whale activity is usually considered a bullish indicator, as it stores assets in anticipation of price rises over the long term. These whales are lined up and preparing for the next big gathering.
While Ethereum is primarily traded in the range of around $2,400 and around $2,800, strong whale support shows that Altcoin is gaining foothold for future price increases. Ethereum prices have fallen by 2.38% over the past 30 days, but the future perspective is positive.
American investors are driving the influx of Ethereum ETFs
The data shows that American investors are loading largely into Ethereum, as evidenced by the rapid rise in Ethereum ETFs. According to Sosovalue figures, the Spot Ethereum ETF has recorded an influx for the past five consecutive weeks. Last week, these funds had an impressive $528 million cash inflow, compared to the $281 million inflow a week ago.
This growth has increased net total inflows to $3.855 billion, with the total assets held by such funds currently exceeding $100 billion. The BlackRock Etha ETF has achieved the best performers, totaling 5.23 billion people and 4.1 billion in majors. Grayscale Ethe and ETF currently hold 2.8
