The price of Ethereum has surged by 20% over the past three days, reaching a three-month high and sparking optimism among investors. This increase in price has been accompanied by a significant rise in whale activity, with the number of addresses holding large amounts of ETH growing by 17% for holdings above $100,000 and 19% for holdings above $1 million. This indicates growing confidence in Ethereum's future price performance, and large investors are often seen as market stabilizers, reducing volatility. However, technical indicators suggest a potential reversal, as the Relative Strength Index (RSI) is nearing the overbought zone. Historically, Ethereum has experienced price reversals after entering this territory. It is crucial for Ethereum to establish the $2,899 level as a support floor in order to maintain its upward momentum. If successful, a rise to $3,000 and beyond may be possible. However, failure to close above $2,899 could lead to a potential pullback, potentially indicating a shift toward short-term bearish sentiment among investors.



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