In recent weeks, Ethereum has witnessed a substantial surge in accumulation by large investors known as whales. Data reveals that these entities have procured more than 700,000 ETH, equivalent to approximately $2.45 billion. This remarkable buying activity underscores a strong confidence in Ethereum's future prospects despite recent price fluctuations.

The surge in ETH holdings among whales indicates a strategic maneuver to leverage the recent downturn in Ethereum's market valuation. This accumulation has the potential to stabilize the cryptocurrency's price amidst the current market volatility. Despite experiencing a brief decline below $3,400, Ethereum has exhibited resilience and bounced back due to increased whale activity.

Nevertheless, Ethereum's price trend has displayed a bearish pattern since late May, characterized by successive lower highs and lower lows. The Chaikin Money Flow indicator has signaled a decrease in money inflows, portraying a cautious outlook. Conversely, the Relative Strength Index has shown a rise in bullish momentum, suggesting potential efforts for price recovery.

On-chain metrics, such as Network Growth and transaction velocity, present conflicting signals. While Network Growth has dwindled, indicating reduced interest from new investors, the overall trading velocity has also slowed down, indicating a decrease in market activity.

Looking ahead, Ethereum's price trajectory remains uncertain. The cryptocurrency encounters resistance around the $3,607.30 mark, which it may test if the bullish momentum persists. However, achieving a significant breakout to new highs would necessitate substantial bullish support.