In recent weeks, Ethereum's price has fluctuated, hovering around $1800. Analysts hold varied opinions on the potential rise to $3,000 in the near future.
Ethereum Whales Accumulate Large Amounts
Recent movements in Ethereum's price are heavily influenced by whale investors. Significant purchases of ETH near the $2000 mark suggest market support at this level. According to Lookonchain, wallet 0x114E has amassed 7,100 ETH, worth over $14 million. Wallet 0xC377 acquired approximately $9.5 million of ETH, then sent the funds to Aave, indicating potential accumulation strategies. Major players are also withdrawing ETH from exchanges to bolster ownership positions.
Ethereum ETFs Show Continued Outflows
While whale activity remains high, institutional investments in Ethereum display different dynamics. Outflows from Ethereum-based ETFs have persisted since March 5. As of March 26, total withdrawals reached $5.89 billion. Minimal large-scale inflows have been observed since February, leading to steady outflows in recent months.
Analysts Forecast a Potential Ethereum Price Surge
Despite price fluctuations, many analysts foresee a strong recovery for Ethereum. An analyst from XForce Global forecasts price growth using Elliott Wave theory and Fibonacci extension tools, with targets ranging from $5,464 to $9,279. Another analyst, Crypto Jack, highlights a bullish divergence on the ETH price weekly chart, suggesting a potential rebound from current levels.
Current market conditions and active participation by major investors lay the groundwork for Ethereum's price increase. However, substantial outflows from institutional investments indicate a need for cautious consideration. Varied forecasts suggest both significant growth and the possibility of continued price correction.
