Ethereum Price Eyes $3,000 as Whales Accumulate 190,000 ETH

Ethereum (ETH) is outperforming Bitcoin with a 6.6% intraday gain as BTC dropped by 2%. A bullish crossover between key EMAs and whales accumulating 190,000 ETH hints $3,000 may be next.

ETH value today trades at $2,728 at press time, marking its highest price since February 23. 24-hour trading volumes were up by 24% to $25 billion according to CoinMarketCap data.

EMA Crossover Signals $3,000 Ethereum Price Rally

Ethereum’s daily chart highlights a bullish crossover of the 20-day and 200-day Exponential Moving Averages (EMAs). This crossover is happening for the first time since November 2024. This technical development hints that the recent uptrend is gaining strength, opening up the possibility of a $3,000 retest. Additionally, the 50-day EMA has converged with the 100-day EMA, serving as a confluence support floor.

When a similar crossover happened in November 2024, Ethereum price rose from $3,100 to $4,000 in under four weeks, representing a 28% rally. If history repeats itself, a similar rally may be underway, and ETH price could reach $3,400 by June 2025.

The RSI supports this bullish forecast for Ethereum price as it surges to 71, indicating that buying pressure is strong. As buying pressure rises, ETH is expected to reach the 123.6 Fibonacci level of $3,060 before the next bullish leg to $3,400.

If this bullish thesis fails, the 78.6% Fibonacci level of $2,440 will serve as crucial support. This decline may occur as buyers reach exhaustion, with the RSI line continuing to tip north.

Besides the strong technical outlook, the capital rotation from Solana to Ethereum is supporting this outlook. Ethereum currently ranks first in netflows and stablecoin supply, a sign that investors are shifting attention to ETH amid optimism that it will break out above the $3,000 price.

Whales Scoop 190,000 Tokens as Momentum Builds

Ethereum whales may be driving the surge in buying pressure as depicted by the rising RSI. Data from Santiment shows that between May 24 and May 29, ETH wallets holding between 10,000 and 100,000 coins increased their holdings by more than 190,000 tokens. These are valued at $513 million at the current Ethereum price.

The other cohort that is also rapidly accumulating ETH is the holders owning between 100,000 and 1 million coins. At press time, these addresses were holding 18.97 million ETH, up from 17.7 million on May 25. This shows they purchased 1.27 million tokens in four days.

Whales are famed for buying low and selling the top. The current trend where these large addresses are accumulating ETH suggests that this cohort is bullish that the ongoing rally is sustainable. As the momentum around Ethereum price grows after a bullish crossover emerged, ETH may soon surpass $3,000.

To discover how high Ethereum could rally in 2025, 2026, and beyond – Read This.