Ethereum Price at 3,450 Amid Whale Accumulation

Ethereum's price hovered around 3,450 on Monday, reflecting a modest weekly gain of about 3 percent after a 17 percent decline over the past month, as on-chain data pointed to growing accumulation by large holders amid technical signals of potential volatility.

The cryptocurrency, the second-largest by market capitalization, has traded in a range between 3,000 and 3,700 since early November, rebounding from a low near 3,064 earlier this month. This recovery follows a three-month drop from highs above 4,900, a pattern some analysts compare to a 2020 correction that preceded a significant rally. In that earlier cycle, Ethereum fell from around 490 to 308 before surging, and current charts show similar support levels holding firm between 3,000 and 3,100, defined by key moving averages.

Technical indicators present a mixed outlook. On daily charts, the 50-day exponential moving average nears a bearish crossover below the 100-day average, a signal that last occurred in early November and led to a 22 percent price drop within a week. The 20-day average is also approaching the 200-day line, which could accelerate downward pressure if selling intensifies. However, a hidden bullish...