Ethereum Price Rally Continues as Whales Accumulate 700K Tokens

The cryptocurrency market has experienced a sudden shift in sentiment, turning bullish after a bearish start to the week. This change is evident in various on-chain metrics, including Ethereum's price approaching $2,400.

Whales have taken advantage of the bullish narrative to accumulate nearly 700,000 ETH between Thursday and Monday. This significant increase in buying pressure could push Ethereum's price higher in the near term. Furthermore, institutional investors have also shown a return of risk appetite for the top altcoin, with spot ETH exchange-traded funds (ETFs) recording eight consecutive days of net inflows totaling $493.7 million.

Technical analysis suggests that if the rally persists, initial resistance emerges at the horizontal barrier near $2,388. A daily candle close above this level could expose the next major resistance at $2,746. However, a deeper slide would expose broader structural supports at $2,211, $2,107, and $1,909.