Ethereum Price Update: Whales Return and Market Eyes $2,000 Target

Ethereum (ETH) trades around $1,800 after a recent dip. Whale activity surged with a 2682% increase in large holder netflows. After eight weeks of outflows, ETH-backed ETFs saw $157.09 million in net inflows, signalling renewed institutional interest. Technical indicators suggest potential upward movement against key resistance around $1,820 or possible declines toward $1,385.

Ethereum (ETH) is currently consolidating around the $1,800 mark after facing a recent price dip. The crypto has settled above its 100-hour Simple Moving Average at $1,770, presenting a somewhat bullish perspective. That said, resistance appears to have developed at $1,815 on the ETH/USD hourly chart, creating some uncertainty in the market. Traders are keeping an eye on several resistance levels, with the first significant hurdle being at $1,820.

Should Ethereum manage to push past $1,820, it could continue upwards via $1,850, heading potentially toward $1,920 next. If bullish momentum persists, the target could even surpass $2,000, leading some analysts to speculate about a possible surge beyond $2,100. Trader Edge is particularly optimistic, stating that a confirmed breakout from a bull flag could ignite significant upward movement.

On another note, there’s been remarkable whale activity; large holders of Ethereum, known to us as “whales,” have seen their net flows jump an eye-popping 2682% in just a week. This suggests that these heavyweight investors are finding present price levels appealing for investment, which could precede a price increase. With whales usually making moves based on long-term strategies, their recent buying is catching considerable interest in the market.

In addition, Ethereum-backed ETFs have observed a notable turnaround, with $157.09 million in net inflows in less than a week, especially after eight consecutive weeks of outflow. This shift could indicate renewed institutional interest, providing a foundation for ETH prices going forward—an important consideration given the prominent outflows of over $700 million previously.

From a technical perspective, however, the indicators remain a bit mixed. The hourly MACD is showing increased bullish momentum, while the Relative Strength Index is above 50, hinting at positive activity. Still, should the price fail to breach the $1,820 resistance, there could be a potential drop back to initial support levels around $1,770 and more critically at $1,750. If those levels break, deeper support could be tested at $1,650 or even $1,620.

Yet, for the moment, ETH seems to be in a consolidation phase. The Balance of Power indicator at 0.31 reflects a resurgence in buying momentum, suggesting current demand is stronger than selling pressure. With the market keenly observing, analysts say a breakout could push the price back over $2,000—though caution is warranted as any downturn could potentially see it fall to around $1,385.

Traders are definitely buzzing, eager to see whether Ethereum can surpass these key resistance levels in upcoming sessions, which may determine its next major move.