The cryptocurrency market experienced an extraordinary surge in purchases when Bitcoin 
$98,658 surpassed 80,000 dollars on Sunday morning, reaching a new all-time high. This bullish market movement quickly spread to the altcoin market, buoyed by the largest cryptocurrency, Ethereum 
$3,369, remaining above 3,000 dollars. Based on whale accumulation, Ethereum’s price is targeting its previous all-time high of 4,981 dollars.
Ethereum Price Targets ATH as Whale Accumulation Continues
According to reports, Ethereum is trading at 3,228 dollars, marking a daily increase of 3.2%. As per Coingecko, the asset’s market capitalization stands at 389.4 billion dollars, with a 24-hour trading volume of 42.1 billion dollars.
The cryptocurrency market gained momentum following Donald Trump’s victory in the 2024 presidential elections, which bolstered bull market sentiment in November. Leading digital asset Bitcoin capitalized on the overall market sentiment, achieving a new peak of 80,000 dollars today.
Whales are accumulating not only Bitcoin but also Ethereum! Today, four new wallets withdrew 12,499 ETH (approximately 40 million dollars) from Binance.
ETH Price Surge Completes Major Correction Trend
Following the Bitcoin rally, Ethereum’s price forecasts showed a recovery over six days, increasing from 2,380 dollars to 3,220 dollars, a gain of 36%. This sharp rise is supported by increasing trading volume, allowing ETH to clearly break out of a three-month accumulation and descending wedge chart pattern.
Since the end of May, this chart pattern has led to a stable correction trend within two converging trend lines. The latest breakout indicates a significant shift in the trend. Ether buyers have regained daily EMAs (20, 50, 100, and 200), further strengthening bullish sentiment in the market.
If this pattern is validated, Ethereum prices are expected to overcome resistance levels between 3,560 and 4,100 dollars, potentially achieving a 26% increase with a peak at 4,100 dollars. If surpassed, a rally toward an all-time high could be triggered.
Conversely, it seems unlikely for financial assets to maintain a one-sided movement without external bullish news. Consequently, Ethereum’s price is anticipated to undergo a corrective pullback towards the daily EMAs to regain exhausted bullish momentum.
As Ethereum progresses toward all-time high levels, a positive atmosphere is created in the market with renewed whale purchases. Traders are closely monitoring the movements of large investors to gather insights into future market trends.
