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Amid the broader crypto market selloff, Ethereum (ETH) price has crashed by nearly 3% today, moving to $1850 levels. Big players are potentially seeing it as a buy-the-dip opportunity. If ETH price manages to hold key support levels, it could be heading for a strong 125% bounce all the way to $134.
Ethereum Whales Buy the ETH Price Dips
Amid the recent Ethereum price correction, whales have been seeing accumulation opportunities this week. Earlier this week, two newly created wallets withdrawing 20,000 ETH, worth approximately $37.72 million, from crypto exchange Coinbase Prime.
As per LookonChain, the latest transfers show that the seven newly created wallets have withdrawn 89,396 ETH, worth roughly $164 million, over the past few days. The large-scale withdrawals from Coinbase Prime suggest continued accumulation by major investors despite recent market volatility.
ETH Price Chart Shows Strong Upside Potential
Crypto analyst Crypto Patel said Ethereum has printed its third bullish engulfing pattern of the current market cycle. He believes that this technical setup for ETH price could pave the way for another strong rally.
According to the analyst, the previous two bullish engulfing formations resulted in gains of 169% and 253%. However, he believes that the current ETH price structure could push the ETH price to $3,400, representing a strong 125% upside from here.
Crypto Patel added that Ethereum’s higher time frame continues to signal a bullish reversal, with improving trend structure and strong demand absorption.
On a longer time frame, analyst Patel believes that the ETH price could be on a track for a rally towards $10,000 if it continues to follow a Wyckoff Accumulation pattern. According to the analyst, the bullish accumulation structure remains intact as long as Ethereum holds above its recent swing low near $1,500. Crypto Patel suggested that maintaining this support level would keep the long-term bullish outlook valid.
Ethereum ETF Flows Lose Momentum
The flow into spot Ethereum ETFs has remained uncertain throughout the month of July. On July 16, spot Ether ETFs saw a total of $28 million in net outflows, with Grayscale’s ETH seeing the most outflows at $14.3 million.
During yesterday’s trading session, a total of 14,970 ETH flowed out of the exchange. Among all crypto ETFs, the Ether ETF was the only one to register net outflows.
