Ethereum (ETH) bulls are warming up: Will the rise continue?

ETH, one of the cryptocurrencies to be followed for the altcoin season, is about to gain significant momentum. According to the analysis made by AMBCrypto, the ETH price may soon touch $ 2,900. Whale activity was mentioned in the price analysis.

Ethereum (ETH), which has been moving in the $ 2,500 band for a long time, started to rise with the Fed's interest rate cut. ETH increased by 12.7 percent in the last week. The pullback in Bitcoin dominance caused the money flow to ETH.

The ETH rise, which is interpreted as "a general reflection of improving market sentiment", may be intensified by whale activity.

AMBCrypto, stating that an increase may be seen in the ETH price, supported its analysis as follows:

"Our metric evaluation revealed that whales followed the last rally from the front rows. They have been continuing to accumulate since the beginning of September."

According to historical data, $ETH whales had 58.12 million ETH in their wallets on September 1. Whales have accumulated 360 thousand ETH ($950 million) since September 1.

Evaluating the recent rise of ETH, AMBCrypto said the following in its analysis:

“The rise can be seen as a sign of recovery. In this case, many investors may expect the rise to continue. It would not be right to expect a rise that continues unabated.”

The analysis predicted that short-term momentum could carry ETH to $2,800 to $2,900. These price levels were highlighted as a potential resistance point.

AMBCrypto warned against possible selling pressure at the $2,900 level. The analysis stated that “there is no overbought yet.”

(Not Investment Advice)

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