Ethereum (ETH) has been facing strong resistance at the $3,200 level for the past month. However, Ethereum whales have been actively accumulating ETH during this period, suggesting optimism about the asset. Wallet addresses with a minimum of 10,000 ETH have surged to over 4,000, indicating strong confidence among whales despite price fluctuations. Analysts believe that this accumulation could trigger a rebound for Ethereum as it reduces the circulating supply, potentially driving up prices. Noted analyst Ali Martinez revealed that Ethereum whales have accumulated 430,000 ETH in the last 72 hours, further supporting the trend of whale accumulation. The analyst TraderPA suggests that this increased activity by whales could propel the price of ETH to revisit its all-time high of $4,891.70. Currently, Ethereum is trading at $2,737.76, but a shift in demand and the upcoming Pectra Testnet activation could contribute to a potential increase in price.



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