Ethereum has experienced a significant surge in value after whales accumulated over $322 million in the cryptocurrency. According to on-chain data, this level of buying activity is seen as a supportive signal for the current price range.
The price of Ethereum is currently trading above the 100-hourly Simple Moving Average and holding above key support levels despite broader market uncertainty.
Analysts predict that if Ethereum can reclaim the $2,400 zone, it could lead to a breakout to $2,500. However, a failure at this level could send the price back down to $2,340 or even lower.