Whales are hoarding, and the market is enthusiastic! ETH is aiming at the 2800 mark! How to win in a stable way?

Ethereum [ETH], the world’s second-largest cryptocurrency by market cap, has attracted the attention of big-money investors who are likely buying in large quantities due to its bullish on-chain metrics.
Ethereum whales go on a buying spreeOn September 24, on-chain analysis company TheDataNerd posted on X (formerly Twitter) that the huge wallet address "0xBCFB" purchased 50,020 ETH worth $132 million from Kraken.
The massive purchase came as ETH broke two days of consolidation after surpassing the $2,570 level.
However, some cryptocurrency giants are viewing the current price levels as an opportunity and accumulating heavily, while others continue to sell their holdings, believing that prices will fall further in the coming days.
Key LevelsAccording to AMBCrypto’s technical analysis, ETH is showing bullish momentum despite trading below the 200 exponential moving average (EMA) on the daily timeframe.
The 200 EMA is a technical indicator used to determine whether an asset is in an uptrend or a downtrend.
The recent break above the critical resistance at $2,570 and minor consolidation suggests a possible upside rebound.
Based on historical price momentum, if ETH stays above resistance, it has a high chance of moving towards the $2,900 level, and even higher if market sentiment remains favorable.
ETH's on-chain indicators are bullishThis positive outlook is further supported by on-chain metrics. At press time, Coinglass’s ETH long/short ratio is 2.023, indicating that traders’ market sentiment is extremely bullish.
Moreover, its futures open interest increased by 3.2% in the past 24 hours.
Traders and investors often combine increasing futures open interest with a long/short ratio greater than 1 when establishing a long position.
At press time, 66.93% of top traders hold long positions, while 33.07% hold short positions. These on-chain data indicate that bulls are currently dominating the asset.
At press time, ETH is trading near $2,640, having remained stable over the past 24 hours. Its trading volume has dropped by 7% over the same period, indicating low participation from traders.
Ethereum price is expected to rise further!Ethereum price extended gains and climbed to $2,700 levels before the bears stepped in. ETH started a downside correction from the $2,701 high just like bitcoin.
There was a break below the $2,640 level. The price surged below the 50% Fibonacci retracement level of the up move from the $2,528 low to $2,700 high. However, the bulls are active near the $2,600 support area.
The price tested the 61.8% Fibonacci retracement level of the upward wave from the $2,528 swing low to $2,700 high and it is currently rising. Ethereum price is currently trading above the $2,620 level and the 100 hourly simple moving average.
There is also a short-term contracting triangle forming on the hourly chart of ETH/USD with support at $2,620. On the upside, the price seems to be facing resistance near $2,660. The first major resistance is near $2,700. The next key resistance is near $2,720.
A break above the $2,720 resistance could lead to more gains. In this case, Ether could rise to the $2,800 resistance in the near term. The next hurdle is near $2,850 or $2,880.
Will it fall again?
If Ethereum fails to clear the $2,680 resistance, it could fall again. An initial support on the downside is near the $2,620 level and the triangle trendline. The first major support is near the $2,600 area.
A break below the $2,600 support could push the price towards $2,550. If the price declines further, it could drop to the $2,525 support in the near term. The next key support is at $2,450.