Ethereum Eyes $3,000 as Whales and Analysts Bet Big

Ethereum, hovering near the $2,000 mark, presents a buying opportunity for whales. Analysts predict a potential surge to $3,000 amid rising bullish sentiment.

As Bitcoin holds above the $87,000 mark, Ethereum witnesses stagnancy near the $2,000 psychological level. ETH trades at a market price of $2,028, recording a 1.12% drop in the past 24 hours.

The short-term pullback reveals a minor weakness in the bullish momentum of the short-term recovery run. Amid such conditions, will Ethereum bounce back from the $2,000 mark for a new upswing？

Whales Load Up Ethereum Near $2,000

Despite the recent consolidation and prevailing downward pressure, whales are actively accumulating Ethereum. According to a recent tweet by LookOnChain, a newly created whale wallet, 0x114E, has accumulated 7,100 ETH worth $14.27 million.

Additionally, another wallet, 0xC377, purchased nearly $9.5 million worth of Ethereum from Binance, acquiring 4,790 ETH tokens. Following the purchase, the whale deposited Ethereum on Aave to borrow 8 million USDT, possibly to acquire more ETH.

The growing list of whales continues, with wallet 0xC479 withdrawing 2,697 ETH, valued at approximately $5.45 million, from the OKX exchange. Finally, wallet 0xCb44 purchased 1,427 ETH tokens, worth $2.86 million, for staking benefits.

Whales are accumulating $ETH!

The newly created wallet “0x114E” withdrew 7,100 $ETH($14.27M) from #Gemini 4 hours ago.

0xC377 withdrew 4,709 $ETH($9.47M) from #Binance 8 hours ago and deposited to #Aave, then borrowed 8M $USDT from #Aave and deposited to #Binance, possibly…

— Lookonchain (@lookonchain) March 27, 2025

Ethereum ETFs Fail To Record Inflow

Despite the sudden demand surge in Whales, institutional investment still lags. On March 26, the US Ethereum spot ETFs recorded a daily total net outflow of $5.89 billion.

Ethereum ETFs

This marks another day of continuous outflows since March 5, with a single day of net zero inflow on March 24. Prior to that, the ETFs recorded only a single day of inflow on March 4, 2024, since February 20.

Analysts Suggest ETH Price Recovery to $3,000

XForce Global, a Korean-certified Elliott Wave analyst, hints at a potential bounce back for Ethereum. In a tweet, the analyst suggested that Ethereum has completed an A-B-C pattern within a larger consolidation range.

Using the trend-based Fibonacci extension tool, the analyst projects a potential price surge based on the three-wave A-B-C pattern, with price targets ranging from $5,464 to $9,279.

However, even in the event of an extended correction, the analyst expects a relief rally toward $3,116. Therefore, according to the analyst, a potential 40-70% rally is possible in the coming weeks.

$ETH

$3,000 should be retested sooner or later.

At a very minimum, I am expecting a good 40-70% rally in the coming weeks. One more sweep of the lows on the micro timeframe is possible. Even the extremely bearish scenario for a wave B is calling for a relief rally.

— XForceGlobal (@XForceGlobal) March 27, 2025

Supporting this bullish outlook, Crypto Jack points to a bullish divergence in the Ethereum price trend on the weekly chart, indicating a potential rebound from the local support trendline.

BULLISH DIVERGENCE ON $ETH!

— CryptoJack (@cryptojack) March 26, 2025

Ethereum Futures Witness Spike in Bullish Sentiments

In the derivatives market, growing trader interest in Ethereum signals a potential sharp move. According to data from CoinGlass, Ethereums open interest has risen by 1.38%, reaching $21.88 billion, while the funding rate remains positive at 0.0051%.

Moreover, the Ethereum Long-to-Short Ratio chart shows a surge in bullish positions over the past 24 hours. The ratio stands at 1.0251, up significantly from 0.9391 in the past 24 hours.

With growing open interest and a rising Long-to-Short Ratio, this indicates an increase in bullish sentiment for ETH.