Ethereum Price Prediction- Bulls Target $3,700 As ETH Treasury Accumulation Soars

Ethereum (ETH) is defending the crucial psychological level at $3,000 despite the broader crypto market retracing today, July 15, due to growing concerns about what rising inflation could mean for crypto prices. At press time, the Ethereum price was trading at $3,055 amid ongoing whale accumulation that has sparked speculation of a potential rally to $3,700 as the altcoin season index rises.

Ethereum Price Eyes $3,700 as Bulls Target Key Resistance

ETH price has been gradually moving within an upwards sloping trendline, with bulls breaking multiple resistance levels as buying pressure increased. This movement has led to the emergence of a rising parallel channel where the upper trendline is now serving as a strong resistance.

Bullish traders who are buying the ongoing rally are now testing resistance at around $3,100, and if there is a strong move above it, Ethereum price might kickstart the next stage of its bull run.

The 161.8% Fibonacci level of $3,700 is serving as the main target for bulls if they can overcome the channel’s resistance, and buying pressure remains strong. If the AO bars continue trending above the positive region with green bars, it will show a strong bullish momentum that could aid this bullish Ethereum price prediction.

The on-balance volume is also leaning in favor of an uptrend, with the noticeable rise showing that the inflows to ETH have been rising steadily, and if this continues, the 23% rally to $3,700 might happen.

Whales, Institutions, Accumulate ETH

There has been a significant surge in institutional interest towards Ethereum, and this might also be among the factors allowing it to defend key support levels. As CoinGape reported, Sharplink Gaming has accumulated 270,000 ETH, making it the largest Ethereum holder.

Whales are joining the bandwagon and might also support the looming Ethereum price rally to $3,700 as IntoTheBlock data shows an increase in large holder netflows. These flows increased from 14,590 to 88,180 to show that whales bought 73,590 ETH in 24 hours.

When both whales and institutions are in an accumulation phase, it shows that they are expecting the current price to be a good entry point with optimism that the rally is going to continue.

Altcoin Season Index Hits 5-Month High

Bitcoin’s dominance has been rising as the coin continues to chase new highs, but this has not left altcoins behind as they also attempt to keep up with the current bullish market sentiment. The gains recorded by most altcoins in the last week have seen the altcoin season index rise to the highest level in five months.

As the index rises, it signals that buyer interest is beginning to shift from Bitcoin towards altcoin, and ETH might be one of the coins to benefit from this shift. Therefore, as this index rises, so will Ethereum price, as traders anticipate that altcoins will begin to outperform BTC.