Ethereum Eyes $2,000 Breakout Amid Aggressive Whale Accumulation

Crypto whales are buying the dip, adding over $16M in ETH across strategic wallets. Ethereums bullish reversal eyes $2,000, with a long-term target of $4,000.As the crypto market mirrors a minor recovery in the global market, altcoins are on the verge of a major comeback. The largest altcoin, Ethereum, is currently floating above the $1,500 mark.Ethereum is nearing a potential trendline breakout and targeting the $2,000 level. Will this trigger a new bullish trend for Ethereum?Crypto Whales Buy Another Dip in EthereumAmid the recent increase in ETH price volatility, multiple large holders are accumulating ETH. In the latest price trend, a newly created wallet accumulated 9,610 ETH tokens worth $14.54 million.Initially, with a withdrawal of 5,000 ETH from Kraken, the entity acquired 7 million USDS on Spark as a borrowed amount, using ETH as collateral. With the borrowed funds, the entity added an additional 4,600 ETH tokens at an average price of $1,518.This layered approach to acquiring ETH highlights strong confidence in the asset.https://twitter.com/spotonchain/status/1910512232380932279Additionally, a mysterious group known as the 7 Siblings in the crypto market is making significant bets on ETH.The group has been exchanging MKR tokens to increase its ETH holdings. Over the past 48 hours, it swapped 1,611 MKR tokens for ETH, increasing its position by 1,364 ETH, worth nearly $2 million.BlackRocks ETHA Marks First Day of Inflow Since February 13Despite growing interest from crypto whales, institutional confidence in Ethereum has been lagging. On April 10, U.S. Ethereum spot ETFs recorded an outflow of $38.79 million.This marked the third consecutive day of net outflows, following $11.19 million on April 9. Fidelity saw an outflow of $36.01 million on April 10, while VanEck, Bitwise, and Grayscale registered outflows of less than $5 million each.However, BlackRock saw an inflow of $6.43 million for the first time since February 13. The remaining four Ethereum ETFs recorded net-zero outflows on April 10.

Ethereum ETFs

ETH Analysis Points to Potential Channel Breakout RallyAs large investors accumulate Ethereum, the short-term recovery will likely push the price past the local resistance trendline, reigniting positive cycles within a larger falling-channel pattern.Supporting the likelihood of a positive reversal, technical indicators are signaling a potential shift. The MACD and signal lines are approaching a positive crossover from a negative trajectory.

Ethereum Price Chart

At the same time, bearish momentum is declining. The RSI is bouncing back from the oversold region, surpassing its 14-day SMA, indicating the emergence of new bullish momentum and a possible uptrend.Based on Fibonacci levels, the positive cycle within the parallel channel will likely challenge the 23.60% retracement level, which aligns with the $2,000 psychological mark.Optimistically, the channel breakout rally could propel Ethereum back to the $4,000 levels. On the downside, key support remains near the psychological mark of $1,500, followed by the $1,400 horizontal level.

Text source: The Crypto Basic

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