Ethereum is seeing a surge in bullish conviction as major whales open massive long positions worth $425.98 million ahead of the Fed’s expected 25 bps rate cut. With macro conditions aligning in ETH’s favor, big-money players are positioning early for a breakout. BitMine’s continued push into Ethereum further strengthens this narrative of growing institutional confidence. Momentum is turning decisively upward too: the RSI has rebounded to 50,climbing from an oversold 28 last week, highlighting accelerating buying strength andrenewed upside potential. Overall, whale activity, institutional flows, and improving technicals all point to a strengthening bullish setup for ETH.
At the time of writing, ETH was trading at $3,106.
ETH, after making a new all-time high of $4,956, witnessed a sharp fall as the price plunged by nearly 39% and dropped to $3,054. The asset tried to take support at the psychological level of $3k and started consolidating in a range. ETH finally gave a breakout below the range, and the price made a low of $2,623. The asset did not close below the support level of $2,725 (61.8% Fibonacci Retracement Level) and saw a recovery of almost 21% up to $3,240. ETH has a strong resistance at $3,250, and to further rally, it needs to break and sustain above these levels.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,700 | $2,950 | ETH | $3,250 | $3,650 |
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