Ethereum price approaches $3,000 amid whale accumulation
Ethereum rallies 6.6% as whales and technicals align for breakout
Ethereum (ETH) has posted a 6.6% intraday gain, outperforming Bitcoin (BTC), which dropped 2%, and now trades at $2,728 — its highest level since February 23.
Technical indicators on Ethereum’s daily chart show a bullish crossover between the 20-day and 200-day EMAs, a formation last seen in November 2024, which preceded a 28% price rally, reports CoinGape.
If history repeats, ETH could target $3,400 by June 2025. The RSI is also in bullish territory at 71, suggesting buying momentum remains strong. Ethereum could reach the 123.6% Fibonacci extension at $3,060 before testing higher levels.
Capital rotation and stablecoin flows favor ETH
Ethereum is currently leading the market in stablecoin supply and netflows, indicating capital is rotating away from Solana and into ETH. Analysts note this shift as a vote of confidence in Ethereum’s near-term breakout potential.
The 50-day and 100-day EMAs are also converging, reinforcing ETH’s technical foundation. If bullish momentum weakens, the $2,440 level — corresponding to the 78.6% Fibonacci retracement — is expected to offer key support. Nonetheless, sentiment appears firmly bullish, with volume up 24% to $25 billion in the past 24 hours, according to CoinMarketCap.
Whale accumulation strengthens bull case
On-chain data from Santiment reveals large ETH holders have significantly increased their positions. Wallets holding 10,000–100,000 ETH added over 190,000 tokens, worth approximately $513 million, from May 24 to May 29.
Even more striking, addresses with 100,000–1 million ETH boosted their holdings by 1.27 million coins in just four days. This surge in whale activity suggests strong institutional conviction in Ethereum’s rally. Historically, such accumulation precedes major price moves, supporting the case for a breakout above $3,000 in the near term.
Recently we wrote that Ethereum, the second-largest cryptocurrency by market cap, is entering a critical phase.
