Ethereum, the second-largest cryptocurrency by market capitalization, is trading at $3,749 amid an ongoing market drop as investors await the Federal Reserve’s interest rate decision.
Ethereum rose near the $4,000 mark, reaching a high of $3,941 on July 28 before declining. Analysts view the mild pullback as consolidation, expected before Ethereum makes its next big move.
Crypto analyst Ali predicts two potential targets for the ETH price: $4,220 and $5,140. This is based on two factors: if a crucial support holds, and the MVRV Pricing Bands, a key on-chain metric used to evaluate market conditions.
According to Ali, the crucial support lies at $3,300, and as long as ETH maintains that level, the path forward remains bullish. The analyst said in a tweet that if the $3,300 support continues to hold, Ethereum could be on track for a move to $4,220 and potentially $5,140.
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Glassnode’s ETH’s +1σ Active Realized Price band marks a key upside threshold for the current rally at $4,500. This level served as resistance in March 2024 and during the 2020-2021 cycle. Breakouts above it often signal market euphoria and rising risk of structural instability.
Ethereum whales accumulating
Ethereum is attracting fresh institutional interest as whales keep accumulating ETH.
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According to on-chain data source Lookonchain, a fresh wallet simply named “0x3dF3” received another 12,000 ETH worth $45 million from the Galaxy Digital OTC wallet hours back. Lookonchain also revealed that since July 9, a total of nine fresh wallets have accumulated 640,646 ETH worth $2.43 billion. Another whale referred to as “0x4352” withdrew 20,000 ETH worth $75.56 million from Binance.
Ali, in a recent tweet, reported that some of the largest whales on the network recently bought over 220,000 ETH at $840 million.
BlackRock Ethereum ETF (ETHA) now holds over three million ETH at $11.36 billion, after accumulating 1.25 million ETH worth $4.73 billion since July 1.
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