Ethereum (ETH) is showing bullish signals, driven by significant accumulation from large Ethereum whales. Recent analysis suggests a potential surge to $3400 by August. Whale Accumulation Fuels Optimism Data from Glassnode, highlighted by CoinTelegraph, reveals a substantial increase in ETH holdings among mega whales (those holding over 10,000 ETH). These holdings have risen from 37.56 million ETH last October to 41.06 million ETH currently, a 9.31% increase. This trend mirrors previous periods of whale accumulation that preceded significant price rallies. Technical Analysis: Bullish Pennant Pattern Further supporting the bullish outlook is the formation of a bullish pennant pattern on the ETH/USD daily chart. A breakout above the upper trendline of this pattern could propel ETH towards the $3400 target by August, with some analysts predicting a potential $5000 target by year's end. ```

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