Ethereum Price Drops Amid Whale Accumulation and Negative US Sentiment

Ethereum's price has been on a rollercoaster ride over the past few days. Despite reaching $1,944 three days ago, it was rejected and pulled back to $1,819 before recovering slightly. The current price is around $1,823 after a 3.6% drop in the last 24 hours.

A whale has been accumulating Ethereum, buying 89,396 ETH worth approximately $164.88 million over three days. This massive purchase comes amidst increasing whale activity, with large orders being placed for seven consecutive days, according to CryptoQuant's Spot Average Order Size data.

However, the overall sentiment remains negative in the US, despite Ethereum ETF inflows of $68M this week. The Coinbase Premium Index, which tracks buyer sentiment, is still in negative territory, and active addresses on the Ethereum network have fallen to a 14-day SMA of 397,000, their lowest since December.

Crypto analyst Michaël van de Poppe predicts that if $1,780 holds, Ethereum could reach $2,200-$2,400. He believes the asset is running a new upward trend and flipping previous resistance levels for support.