Ethereum is hovering around $3,700, but analysts are bullish, citing signs of accumulation by large investors.
Whale Accumulation
Data shows a surge in the number of Ethereum addresses holding over 10,000 ETH. This suggests that investors are buying up ETH, expecting further price increases.
Technical Analysis
Ethereum remains in a bullish breakout formation, with support at $3,300 and $3,700. Buyers are eyeing a move above $4,100, with a target of $4,900 (2021 highs).
Development and ETF Hopes
The Ethereum network continues to develop, with upgrades like Pectra improving efficiency and cost-effectiveness. Additionally, the SEC’s approval of spot Ethereum ETFs could provide clarity and boost demand.
Conclusion
Ethereum’s strong fundamentals and whale accumulation suggest that the coin is poised for further gains. Analysts believe it could reach $4,900 in the coming days.
