Ethereum Rebounds as Whales Accumulate Amid $2,900 Target

In Brief:

Ethereum (ETH) recovers from recent losses, fueled by strong whale accumulation.

RSI rebounds from oversold territory, signaling renewed buying momentum.

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Ethereum is showing signs of recovery after suffering a sharp decline linked to the Bybit hack. The Relative Strength Index (RSI) has climbed to 58.6 from a low of 39.2, indicating rising buying pressure. Meanwhile, the number of whale addresses holding at least 1,000 ETH has surged to its highest level since December 2023, suggesting strong institutional interest.

Technical indicators point toward a potential golden cross, a bullish signal that could push ETH past $2,900. If momentum holds, Ethereum could aim for $3,020 and beyond. However, failure to break resistance may see a pullback to $2,551 or lower.

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