Ethereum (ETH) could face a short-term pullback before attempting a broader recovery, while whale accumulation signals growing interest. If buyers defend key support, ETH may regain momentum and target higher levels, keeping the bullish outlook intact despite near-term correction risks.
At the time of writing, ETH is trading at $2,399.07 with a 24-hour trading volume of $15.96 billion and a market capitalization of $292.87 billion. Despite the 1.36% loss over the last 24 hours, the ETH price structure and whale buying point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Ethereum Price Eyes $2,783 After 32.8% August Rise
Ethereum Could Drop to $2,300 Before $3,000 Rally
According to the crypto analyst Michael van de Poppe, ETH could see another short-term correction as traders watch $2,355 for a potential liquidity sweep.
A move below this level may push ETH toward $2,300, which could become an initial accumulation zone. However, a deeper decline toward $2,200 would offer a more attractive entry for traders seeking stronger risk-reward opportunities.
Source: Michael van de Poppe’s X Post
However, even in the face of this possible retracement, the overall view is that of an optimistic one as long as ETH is able to sustain this support level.
Those who defend $2,200-$2,300 can create a platform for the next rise in value. In case of a retracement back to these resistance levels, $3,000 is possible for ETH.
Mystery Whales Buy $126 Million in Ethereum
The data from Arkham further highlighted that two new Ethereum whale wallets have been observed to pull out $126.25 million of ETH from the platforms FalconX and BitGo.
On-chain activity indicates that neither of these two wallets engaged in any transactions in the past, making one wonder who the buyer is. The big money flows are indicative of possible institution buying.
Source: Arkham’s X Post
These transactions have raised more interest in light of their similarity to earlier Ethereum purchases associated with BitMine.
This has led to speculations about a possible link between the two wallets and BitMine chairman Tom Lee, without any proof so far of such an association. More transactions from the wallets in question will be tracked.
Despite the bullish price predictions and whale activity, the ETH price is moving in a downward direction. However, the general trend in the crypto market has turned cautious as the BTC price has started to move downward.
What Happens Next for Ethereum?
The next move for Ethereum could be dependent on the reaction of buyers in the event of a corrective phase at the $2,300-$2,200 support region.
If the bulls manage to hold this region, there could be a period of stability, and bullish momentum could be regained in Ethereum. However, any breakout lower could result in further price action down.
Also Read: Ethereum Price Eyes $4,800 Rally as Institutional Accumulation Accelerates
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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