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Ethereum could be on the verge of a strong bullish breakout as on-chain data shows increasing whale accumulation and a rare chart pattern signals further upside.
Ethereum ($ETH) was trading at $2,545 on Monday, hovering around this level for the past few days. This price is about 7% below its monthly high.
There are signs that large investors expect Ethereum to rebound in the coming months. On-chain data shows that the supply of $ETH held by whales has been rising steadily. These addresses now hold 103.5 million $ETH, up from 102 million on March 1, an increase of nearly 1.5%, a bullish leading indicator.
Further data shows that Ethereum’s ecosystem is doing well as the total value locked jumped by 26% in the last 30 days to over $132 billion. The bridged TVL, which looks at the value of assets locked in cross-bridge contracts, rose to over $408 billion.
These numbers are much higher than those of other chains combined. Solana (SOL) has a TVL of $22.48 billion, while BSC has $9.3 billion.
Ethereum ETFs are also seeing inflows. SoSoValue data show that they have had inflows in the last six days, bringing the cumulative inflows to $2.76 billion.
Ethereum price technical analysis
The daily chart shows that Ethereum has rallied from April’s low of $1,382 to its current price of $2,547. It has formed a bullish flag pattern, consisting of a strong vertical rally followed by a period of consolidation.
$ETH is currently trading between the 38.2% and 50% Fibonacci retracement levels. A golden cross, a bullish signal, appears imminent as the 50-day and 200-day Weighted Moving Averages approach a crossover.
Additionally, $ETH is holding just above the key support/resistance pivot level of the Murrey Math Lines tool, reinforcing the bullish structure. If Ethereum breaks above the 50% Fibonacci retracement level at $2,730, it would confirm the bullish breakout. In that scenario, the next major target would be the psychological resistance at $3,000, an 18% gain from current levels.