Blockchain developer ConsenSys has strategically accumulated 161,000 ETH worth $422 million through an over-the-counter transaction via Galaxy Digital. This significant investment underscores institutional confidence and forms part of a deliberate accumulation strategy, intensifying market optimism for Ethereum’s potential climb toward $3,000.
Increased whale activity further reinforces bullish sentiment, with large holders accumulating Ethereum during price dips. Data indicates this reflects long-term positioning rather than short-term liquidation, signaling strong conviction in Ethereum’s future value proposition.
Ethereum’s price surged 7% over 24 hours to $2,419, accompanied by a 10% rise in trading volume. Despite this upward momentum, ETH remains below the critical 50-day simple moving average – a key resistance level currently limiting further gains.
Technical indicators suggest moderate bullish momentum with a Relative Strength Index reading of 46. Analysts project a potential consolidation phase between $2,500 and $2,750 as Ethereum builds strength for possible upside continuation. Notably, moving average studies support this constructive outlook.
Market analyst Michael van de Poppe emphasized Ethereum’s resilience, stating that reclaiming the 0.023 threshold on the ETH/BTC pair could trigger significant upward momentum. Such a technical breakthrough would likely accelerate ETH’s price appreciation across markets.