Ethereum at $2,600: Can Whales Push ETH Price to $3,000?

With another bullish failure in Ethereum, the chances of a triangle breakdown are growing. However, rising institutional support hints at a bounce back above $3,000.

As Bitcoin returns to the $95,000 mark, Ethereum faces a sudden pullback, now sitting at $2,600 amid growing bearish sentiment in the crypto market.

The pullback has raised concerns about a potential breakdown, but a bullish triangle pattern holds Ethereum’s fate. Will bears break down the triangle, leading to an extended correction, or will the growing institutional demand for Ethereum trigger a bullish reversal?

Downfall in Ethereum Puts Triangle Pattern in Focus

In the 4-hour price chart, the Ethereum price trend reveals a lower-high formation. This comes after the recent rejection near the 23.60% Fibonacci level at $2,894.

With the lower-high trend, a resistance trendline is generated. This forms a descending triangle pattern with the local support level at $2,582.

Ethereum Price Chart

Currently, the pullback within the triangle starts with an evening star pattern near the overhead trendline. However, the bulls have managed to hold Ethereum prices near support, aided by the lower Bollinger Band.

The pullback has triggered a bearish crossover in the MACD and signal lines, while the Bollinger Bands reflect a sideways shift, signaling the coiling of trend momentum.

A breakout of Ethereum on either side of the triangle will likely lead to a high-momentum rally.

Ethereum Whales and Institutional Demand

As Ethereum sits at a crucial crossroads, whales are maintaining a positive outlook. A recent tweet from crypto analyst Ali Martinez highlights the growing demand for Ethereum, with whales purchasing 600,000 ETH in the past week.

This is reflected in the balance of 10k to 100k ETH by holders, which has risen to 16.9882 million. Additionally, more than 1 million ETH has been withdrawn from exchanges over the past week.

With increasing demand from whales and declining supply on exchanges, the ETH price will likely make a bullish comeback. Institutional support is also on the rise for Ethereum.

On February 11, U.S. spot Ethereum ETFs’ daily total net inflow stood at $12.5 million. While 8 out of 9 Ethereum ETFs registered a net-zero flow, BlackRock continues its buying spree.

The firm acquired $12.5 million worth of Ethereum to increase its cumulative net inflow to $4.44 billion.

WLF’s Growing ETH Holdings Nears $50M

Amid the rising craze for Ethereum, World Liberty Financial makes another bullish move on ETH. Earlier today, WLF purchased 1,917 ETH tokens by exchanging 5 million USDC.

This spikes the institution’s Ethereum holdings to 18.52K ETH, worth $48.257 million. With the rising support of Donald Trump’s World Liberty Finance towards Ethereum, the market price of Ethereum is likely to catch up to the rising demand.

Image by Spotonchain

ETH Price Targets: $3,500 or Lower Lows?

Despite short-term bearish pressure on Ethereum’s price trend, bulls are likely to regain control. Based on the Fibonacci levels, the triangle breakout will likely challenge the 23.60% Fibonacci level at $2,894.

This will act as the next neckline of a rounding bottom pattern. Optimistically, the breakout of this crucial resistance will likely propel Ethereum toward the 61.80% Fibonacci level near $3,500.

On the flip side, the crucial support remains at $2,509, followed by the $2,400 mark.

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