Ethereum (ETH) has been struggling to break the $2,698 resistance level for six weeks, keeping the cryptocurrency in a consolidation phase.
However, whale investors, who hold between 100,000 and 1 million ETH, have accumulated 600,000 ETH worth $1.57 billion, indicating strong confidence in an upcoming breakout. This accumulation pushes their holdings to a three-month high, suggesting a potential rally toward $3,000.
The Relative Strength Index (RSI) for Ethereum remains in bullish territory with room for further growth, supporting the potential for a price increase.
If Ethereum flips the $2,698 resistance into support, it could advance toward $2,930 and closer to $3,000. However, failure to break this resistance could see ETH consolidating below $2,546, delaying its rally.
