\nEthereum Price Prediction: Active Accumulation from whales despite sideways action hints the ETH price soon resume its recovery trend\t\t\t\t<\/p>\n
<!–<\/p>\n
![\"Ethereum](\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/01\/4BgDV0cd-e1704901359699.png\")
<\/div>\n–><\/p>\n
Published 14 mins ago <\/p>\n
Ethereum Price Prediction: Ethereum, the second-largest cryptocurrency<\/a>, currently shows a lack of bullish momentum contrary to the generally bullish sentiment around Bitcoin spot ETFs. The ETH price has been resonating between the $2400 and $2140 horizontal levels for the past five weeks, with the overhead supply preventing the buyers from a higher rally. Will potential approval from the US SEC bolster the Ether price to escape this uncertainty?<\/span><\/p>\n <\/p>\n An ascending trendline in the daily time frame chart shows the Ethereum price<\/a> recovery is intact and the current sideways trend is likely a post-rally consolidation to recuperate the exhausted bullish momentum.<\/span><\/p>\n Interestingly, the Ethereum whales have accumulated nearly $1 billion worth of Ether despite its underperformance relative to Bitcoin. A recent tweet from renowned crypto analyst Ali Martinez<\/a> reveals that the Ethereum smart money has significantly increased its holdings by accumulating more than 410,000 ETH tokens during the past month(December).<\/span><\/p>\n<\/blockquote>\n This accumulation amid the crypto market\u2019s progress towards the first spot Bitcoin ETF hints the ETH may also witness a major impact of US SEC approval as the potential for spot Ethereum ETF will also accelerate.<\/span><\/p>\n <\/p>\n By press time, the ETH price shows a 3.77% jump and teases a bullish breakout from the $2400 resistance level. If buyers succeed in closing a daily candle above this barrier, it could lay a solid foundation for additional upward movement.\u00a0<\/span><\/p>\n Such a breakout could potentially result in a 10% rise in ETH, setting its next target at around $2,680. Following this, a prolonged recovery could target the $3,000 and $3280 mark.<\/span><\/p>\n <\/p>\n Over the past two months, the ETH price has been receiving dynamic support from an ascending trendline. The coin price rebounded several times from this support indicating the buyers are actively accumulating at a dip which is a key sign of sustainable recovery. Thus, it also indicates losing this support could intensify selling pressure and trigger a new correction in this asset.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n$2400 Breakout Will Trigger a Direction Rally<\/b><\/h2>\n
\n
![\"Ethereum](\"https:\/\/s3.tradingview.com\/snapshots\/4\/4BgDV0cd.png\")
\n
This Support Prevents ETH From Major Correction<\/b><\/h2>\n
\n
Related Articles:<\/h3>\n<\/p><\/div>\n
\n <\/a>
\n
\n![\"coingape\"](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"){kind=logo}
\n<\/a>
\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&d=mm&r=g\")