Since July, crypto whales offloaded large volumes of Ethereum (ETH), causing its price to drop from over $3,500 to $2,140 by early September.
However, recent large-scale accumulation by these whales suggests a bullish turn for Ethereum. According to Glassnode, Ethereum addresses holding at least 10,000 ETH increased from 918 to 925, accumulating over $185 million in ETH.
This accumulation indicates a potential price rise, with Ethereum recently climbing from $2,295 to $2,640. Bulls have outpaced bears in ETH accumulation, indicating further price hikes might be on the horizon.
Roy Hui, Founder & CEO of LightLink Chain, argues that Ethereum remains undervalued, attributing its value to its vast developer and user base.
Short-term price predictions from IOMAP show strong support around $2,279, with potential targets above $3,037. However, market behaviors, including whale actions and distributions by the Ethereum Foundation, could affect these predictions.
