Ethereum (ETH), the globe’s second most significant cryptocurrency by market capitalization, is predicted to maintain its upward trajectory after experiencing a substantial price drop in recent days. This optimistic speculation is fueled by investors and long-term holders who have recently been snapping up ETH at a reduced price.

In a recent report, blockchain transaction monitoring platform Lookonchain announced on X (formerly Twitter) that four new crypto wallets, presumably owned by Whales, had purchased a significant 8,440 ETH, equivalent to a whopping $28.43 million, from Binance. This substantial ETH acquisition occurred during a period when the altcoin’s price was beginning to bounce back after a significant fall.

During a recent downturn, ETH experienced a price drop of over 22.5%. However, with a surge in interest, the altcoin has recovered, reclaiming a crucial level after retesting its vital support at the 200 Exponential Moving Average (EMA) of $3,100.

At the time of writing, ETH is trading close to $3,475, having experienced a price increase of over 1.75% in the past 24 hours. During the same timeframe, its trading volume has spiked by 10%, indicating increased activity from traders and investors amid the market dip. It appears that long-term holders and whales have taken advantage of this opportunity, accumulating heavily.

As per expert technical analysis, ETH has regained its crucial support level of $3,400 and recently closed a bullish pin bar candle at this support, characterized by a long wick. The formation of this bullish candle at the support level suggests potential upside momentum in the coming days.

If we consider recent price action, should the altcoin cross the $3,500 threshold, there is a high likelihood that ETH could skyrocket by 17% to reclaim the $4,000 mark in the near future. Currently, market sentiment appears to be in favor of the bulls, which could further support the upward momentum.

In summary, the recent moves by the crypto whales and the ongoing market optimism provide a strong case for Ethereum’s potential price rally. Coupled with the technical analysis indicating a bullish trend, investors and traders might witness a significant price appreciation in the coming days. The situation continues to be dynamic and warrants close observation to understand the evolving market trends better and make informed investment decisions.