#ETH Ethereum has indeed reached an accumulation peak, with 22 million ETH stored in inactive wallets, representing 27% of the total supply held by whales. This significant accumulation suggests a potential price surge, as whales often precede major market movements. The current price of Ethereum is around $2,473.09, with a 1.47% increase in the last 24 hours.

Key Factors Influencing Ethereum's Price:

Accumulation by Whales: Whales have been accumulating ETH, reducing the available supply and potentially driving up the price.

Institutional Demand: Growing interest from institutional investors in DeFi is contributing to the positive sentiment around Ethereum.

Technical Indicators: The Relative Strength Index (RSI) is above 60, indicating positive momentum, and a bullish pennant formation suggests a potential continuation of the upward trend.

Support and Resistance Levels: The $2,400 level is considered a crucial support zone, while $3,000 is a key resistance level that could trigger an explosive rally if breached ¹ ² ³.

Potential Price Movement:

Short-term Outlook: If Ethereum maintains support near $2,400, it could surge towards $3,067 and potentially reach $3,500-$4,000.

Bearish Scenario: A decisive break below $2,400 could send ETH towards $2,000, undermining short-term bullish momentum.

Overall, Ethereum's price reaction will likely depend on the interplay between whale accumulation, institutional demand, and technical indicators. With the current accumulation peak and positive sentiment, Ethereum's price might react soon, potentially leading to a significant surge ³.$ETH