Ethereum, hovering near the $2,000 mark, presents a buying opportunity for whales. Analysts predict a potential surge to $3,000 amid rising bullish sentiment.
As Bitcoin holds above the $87,000 mark, Ethereum witnesses stagnancy near the $2,000 psychological level. ETH trades at a market price of $2,028, recording a 1.12% drop in the past 24 hours.
The short-term pullback reveals a minor weakness in the bullish momentum of the short-term recovery run. Amid such conditions, will Ethereum bounce back from the $2,000 mark for a new upswing?
Whales Load Up Ethereum Near $2,000
Despite the recent consolidation and prevailing downward pressure, whales are actively accumulating Ethereum. According to a recent tweet by LookOnChain, a newly created whale wallet, 0x114E, has accumulated 7,100 ETH worth $14.27 million.
Additionally, another wallet, 0xC377, purchased nearly $9.5 million worth of Ethereum from Binance, acquiring 4,790 ETH tokens. Following the purchase, the whale deposited Ethereum on Aave to borrow 8 million USDT, possibly to acquire more ETH.
The growing list of whales continues, with wallet 0xC479 withdrawing 2,697 ETH, valued at approximately $5.45 million, from the OKX exchange. Finally, wallet 0xCb44 purchased 1,427 ETH tokens, worth $2.86 million, for staking benefits.
Whales are accumulating $ETH!
The newly created wallet "0x114E" withdrew 7,100 $ETH($14.27M) from #Gemini 4 hours ago.
0xC377 withdrew 4,709 $ETH($9.47M) from #Binance 8 hours ago and deposited to #Aave, then borrowed 8M $USDT from #Aave and deposited to #Binance, possibly… pic.twitter.com/gaCbb6Edld
— Lookonchain (@lookonchain) March 27, 2025
Ethereum ETFs Fail To Record Inflow
Despite the sudden demand surge in Whales, institutional investment still lags. On March 26, the US Ethereum spot ETFs recorded a daily total net outflow of $5.89 billion.
This marks another day of continuous outflows since March 5, with a single day of net zero inflow on March 24. Prior to that, the ETFs recorded only a single day of inflow on March 4, 2024, since February 20.
Analysts Suggest ETH Price Recovery to $3,000
XForce Global, a Korean-certified Elliott Wave analyst, hints at a potential bounce back for Ethereum. In a tweet, the analyst suggested that Ethereum has completed an A-B-C pattern within a larger consolidation range.
Using the trend-based Fibonacci extension tool, the analyst projects a potential price surge based on the three-wave A-B-C pattern, with price targets ranging from $5,464 to $9,279.
However, even in the event of an extended correction, the analyst expects a relief rally toward $3,116. Therefore, according to the analyst, a potential 40-70% rally is possible in the coming weeks.
$3,000 should be retested sooner or later.
At a very minimum, I am expecting a good 40-70% rally in the coming weeks. One more sweep of the lows on the micro timeframe is possible. Even the extremely bearish scenario for a wave B is calling for a relief rally. pic.twitter.com/MiYH4JZuDq
— XForceGlobal (@XForceGlobal) March 27, 2025
Supporting this bullish outlook, Crypto Jack points to a bullish divergence in the Ethereum price trend on the weekly chart, indicating a potential rebound from the local support trendline.
BULLISH DIVERGENCE ON $ETH! pic.twitter.com/AdqKZ8QS9j
— CryptoJack (@cryptojack) March 26, 2025
Ethereum Futures Witness Spike in Bullish Sentiments
In the derivatives market, growing trader interest in Ethereum signals a potential sharp move. According to data from CoinGlass, Ethereum’s open interest has risen by 1.38%, reaching $21.88 billion, while the funding rate remains positive at 0.0051%.
Moreover, the Ethereum Long-to-Short Ratio chart shows a surge in bullish positions over the past 24 hours. The ratio stands at 1.0251, up significantly from 0.9391 in the past 24 hours.
With growing open interest and a rising Long-to-Short Ratio, this indicates an increase in bullish sentiment for ETH.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
