Ethereum (ETH) shows signs of a potential price surge, fueled by significant whale activity. Despite recent underperformance, whales accumulate ETH during the recent dip, a sign of strong bullish sentiment among major market players.
According to a post on X (formerly Twitter) by well-known analyst Ali Martinez, whales scooped up a massive 100,000 ETH during the market dip when investors saw ETH drop to the support at $2,900. As the support level holds strong, market analysts make bullish predictions for the cryptocurrency.
Yet another crypto analyst on X, Ted, stated that in the short term, ETH could climb as high as $4,000 before witnessing any significant correction. The analyst believes that a new all-time high for the cryptocurrency is likely by March while he predicted ETH at $4,500 in the month of February.
ETH ETF Inflows Continue
According to data from SoSoValue, the US spot ETH ETFs recorded a substantial $67.77 million in inflows on Thursday.
BlackRock’s iShares ETH ETF (ETHA) took in $79.86 million in inflows. Despite the positive inflows, ETH dropped 2.93% in the past 24 hours. It trades at $3,240.88 at the time of publication, down 33.78% from its all-time high of $4,891.
ETH Price Analysis: Bullish Signs?
The ETH price analysis from the daily chart below includes two major indicators. The RSI indicator for the ETH price action shows a value of 57.23. This means that the bulls are overall in control of the cryptocurrency’s price action. But the gradient of the line suggests consolidation between the $2,900 and $3,300 price levels.
The MACD indicator remains bearish. However, the situation is likely to change as the MACD line (blue) and the signal line (red) have come very close to each other. The chances of a bullish divergence are quite high, a move that could put Ethereum on a bullish path to $4,000 in the coming days.