Over the past two weeks, Ethereum (ETH) has struggled to break through the $2,800 resistance due to selling pressure. However, whales have seized the opportunity presented by the price drop and added over $2.5 billion to their holdings since February 3. Whale accumulation periods often precede significant price recoveries, indicating a potential price increase in the future if the recent buying trend continues. Technical analysis shows a resistance level at $2,794 and a support level at $2,152. Market uncertainties and increased regulatory scrutiny have made investors more cautious. Concerns about a potential increase in supply post the EIP-1559 upgrade are looming, while hopes for approval of cryptocurrency ETFs, including Ethereum staking ETFs, have garnered institutional investors’ attention. While short-term price decline is expected in the current scenario, breaking the $2,800 resistance could strengthen bullish momentum and push the price towards $3,437. On the contrary, if the $2,640 support level is breached, a price drop to $2,500 is likely.
