Can ETH Price Recover to $3,000 Amid Recent Market Shifts?
Ethereum’s (ETH) price is exhibiting minimal movement while craching to around $1800 after hovering around $2K. However, recent market shifts generate speculations for an upcoming growth potential. Some analysts expect the Ethereum price to reach up to $3,000 this month despite its current price correction. Ethereum Whales Accumulate Large Amounts Ethereum (ETH) price recent movements are strongly influenced by whale investors behavior. Large investor acquisitions of significant amounts of ETH indicate substantial market support in the vicinity of the $2,000 price mark. Data from Lookonchain shows that wallet 0x114E which appeared recently has amassed 7,100 ETH worth more than $14 million. The whale wallet 0xC377 bought approximately $9.5 million of ETH then sent the funds to Aave which suggests potential accumulation plans. Ethereum Whales Accumulation Source: X Additionally, major wallet 0xC479 has removed substantial ETH from exchanges to strengthen its ownership positions. The whale’s buying and selling actions help maintain price stability at $2000 which will act as support for future price increases. However, the involvement of large investors has not been enough to push Ethereum’s price beyond its current range. Ethereum ETFs Show Continued Outflows Meanwhile, institutional Ethereum investment displays separate dynamics from the bullish whale market behavior. The outflow of funds from Ethereum-based exchange-traded funds (ETFs) has been continuous since March 5. Based on the recent data, the total withdrawal from Ethereum reached $5.89 billion on March 26. The Ethereum ETF market experienced minimal large-scale inflows starting from February 20 and has maintained steady fund withdrawals across recent months. Currently, Ethereum exchange-traded funds show a steady depletion of capital which indicates a lack of institutional investor enthusiasm toward Ethereum. The whale market exhibits major investors purchasing Ethereum while the broader institutional market demonstrates slow-growing Ethereum net inflow support. Analysts Forecast a Potential Ethereum (ETH) Price Surge More so, several analysts suggest Ethereum price may soon recover strongly. An Elliott Wave analyst from XForce Global has forecasted ETH price may unfold through an A-B-C pattern while sitting inside a large consolidation range before experiencing an upcoming price boost. Ethereum Price Chart Source: X The analyst has utilized the Fibonacci extension tool to establish price targets that extend between $5,464 and $9,279. The analyst backed the price surge prediction with a more realistic alternative that could reach $3,116. Another analyst, Crypto Jack, supports the positive forecast by highlighting a bullish divergence on the ETH price weekly chart, suggesting a potential bounce back from the current local support trendline. Ethereum Price Chart Source: X According to data from CoinGlass, Ethereum open interest continues to grow consistently and recently increased by 1.38% to $21.88 billion. Growing proportions of bullish trading positions indicated by a long-to-short ratio increase strengthen market expectations for a positive market direction. At the time of writing, ETH price was trading at $1,822.05, reflecting a 3.16% decline in the last 24 hours. Price action shows a sharp drop from a high of $2,055, indicating bearish momentum in the short term.