Despite the overall decline in the cryptocurrency market, Ethereum (ETH) has garnered attention from investors as whales and long-term holders accumulate the token. Exchanges have witnessed a significant outflow of $200 million worth of ETH, suggesting potential accumulation and the potential for increased buying pressure. However, the outflow coincided with a failed bullish price action pattern on the daily timeframe. Currently trading near $2,945, ETH has experienced an 8.90% price decline in the past 24 hours. Despite this, trading volume has increased by 90% as traders and investors maintain strong interest and confidence in the token. This is the first time ETH has fallen below $3,000 since Trump's pro-crypto stance. Technical analysis suggests that ETH has reached a strong support level at $2,800, and if it holds above this level, it could potentially rise by 30% to reach $3,850 in the future. However, if it fails to hold the support level, a 20% drop to $2,250 may be seen. ETH is currently trading below the 200 EMA on the daily timeframe, indicating a downtrend.



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