Ethereum Whale Accumulation Ignites Rally Momentum, Is ETH About to Break Through $2400?

Gate News reports that due to continuous accumulation by whales, Ethereum has formed a solid support around $2,100. Currently, the chart shows a bullish continuation pattern, indicating potential upside in the coming trading days. On Sunday, influenced by macroeconomic uncertainties, ETH experienced a brief pullback but quickly rebounded after holding the key support level at $2,100 to $2,170, gaining over 3%. The US and Iran are attempting to reach a temporary ceasefire agreement, causing crude oil prices to fall below $90, which improves market risk sentiment and provides momentum for bulls.

Santiment data shows that in the past 48 hours, whale wallets holding between 100 and 100,000 ETH have collectively increased their holdings by over 750,000 ETH, further fueling retail FOMO. Meanwhile, ETH treasury company Bitmine is also actively accumulating, planning to hold at least 5% of the ETH supply. Exchange reserves have dropped to about 15 million, a historic low, reflecting tight market supply. Investors are shifting to cold storage or staking to earn yields, which is seen as a strong bullish signal.

The Ethereum Foundation is pushing for network upgrades to transition to quantum-safe cryptography to ensure long-term security. This move helps boost investor confidence in the ecosystem. Technical analysis shows that on the daily chart, ETH has formed a large cup-and-handle pattern with a neckline at $2,384. Once bulls break through this level, ETH could surge toward $2,400 and aim for the psychological $3,000 mark. The super trend indicator has turned green, and RSI has rebounded from neutral territory, indicating strong bullish momentum. There is still room for price to rise before reaching overbought levels.

Overall, whale accumulation, tight exchange supply, and bullish technical patterns collectively support the possibility of Ethereum breaking above $2,400 in the coming days.