• Ethereum whales increased holdings by 1.49 million ETH, a 3.72% rise in 30 days.
• Ether broke above the crucial $2,800 level for the first time in four months.
• The analyst projects a 438% surge, targeting above $10,000 if $2,500 support holds firm.

Ethereum’s top-tier holders are significantly increasing their exposure to the asset, hinting at strong bullish undertones beneath the recent price action. According to a post by Santiment, 6,392 wallets holding between 1,000 and 100,000 ETH have collectively added 1.49 million ETH over the past 30 days, marking a 3.72% increase in their holdings.

Such large-scale accumulation is widely interpreted as a bullish indicator. Historically, these wallet movements have preceded notable price shifts in the market. Analysts emphasize that when high-net-worth holders continue accumulating during periods of consolidation or uncertainty, it often signals anticipation of an upward trend.

Ethereum broke above the crucial $2,800 level for the first time in four months. The price climbed as high as $2,870 before facing resistance and pulling back. According to a technical analysis shared by Crypto Patel, Ethereum had been trading within a defined range since early May, between support at $2,366 and a resistance at $2,734. 

The breakout past $2,800 marked a critical move, potentially setting the stage for a further rally toward $3,500–$4,000 if the momentum holds. However, Patel cautioned that Ethereum must stay above the $2,750 breakout level to confirm a sustained bullish reversal. 

If the asset fails to maintain that level, it risks falling back into the prior range. The rejection at higher levels and subsequent pullback has left the market on edge, particularly with Ethereum now down by 9.6% in the last 24 hours.

Crypto Patel also highlighted Ethereum’s multi-year bullish setup on the two-week chart. A bounce from a key order block near $1,400 in April set the stage for Ethereum’s structural pivot around $2,500. Patel views this level as critical in forming the base for a long-term rally. If support holds, ETH could be on track for a 438% upside, potentially reaching above $10,000.

Patel projected a potential target above $10,000 as the next resistance, which implies a 438% surge from the current point. It is necessary that Ethereum should remain steady at $2,500 to go further and be a firm base for further gains.

Despite the bullish setups, ETH had a decrease of 9.6% in the last 24 hours. It has retreated to the previous zone of consolidation and is currently maintaining the $2,500 mark with difficulty. In case the sellers don’t give up the pair, ETH may drop to the $2,366 level initially from which another rebound might start after some days.

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