Whales Pile into Ethereum Ahead of Pectra Upgrade: Key Support and Resistance Levels to Watch

Over the past week, Ethereum whales have accumulated about 598,000 ETH, worth around $1.6 billion, following a price drop that provided a buying opportunity. Additionally, Ethereum saw net outflows of about $315 million from exchanges, signaling that whales are moving their assets off exchanges, which is generally considered a bullish sign.

Ethereum whales are actively buying more ETH ahead of the upcoming Pectra hard fork, set for late 2024. This upgrade is expected to solve problems like high gas fees and slow transactions, leading to positive feelings among big investors. Currently, nearly $50 billion worth of ETH is in accumulation wallets, which is a 65% increase this year, indicating that major holders are getting ready for possible price increases as the upgrade gets closer.

Technical Analysis: Resistance and Support Levels for Ethereum

Bullish momentum may be achievable if Ethereum maintains above 2,770. The key near-term resistance is at 2,770, with significant upward movement targeting $2,820, $3,000, or even $3,200. A robust bullish trend will only materialize above $3,400.

Conversely, immediate support is around $2,500. A fall below this threshold will confirm continued bearish momentum, potentially leading to price drops to $2,100, $2,000, $1,800, or $1,500. A breach below $1,500 could see Ethereum plummet to $1,000.

Traders may consider buying on dips near $2,500, with a stop loss set around $2,300 and a target price of $2,820.