Ethereum's Next All-Time High: Can Whales and Bullish Signals Drive the Rally?

Despite September's historical reputation for being a weak month for cryptocurrencies, Ethereum (ETH) is showing strong signs that it could be on the verge of a new all-time high. A new article highlights three key reasons that suggest the price is poised for a significant upward move, fueled by a powerful combination of on-chain and technical factors.

1. Whale Accumulation: A Powerful Vote of Confidence

The most compelling bullish signal is the aggressive accumulation by large investors, or "whales." The article reveals that the supply of ETH held by whale wallets outside of exchanges increased by a massive 3.69 million ETH in less than a day, an amount valued at over $16 billion. This significant inflow into private wallets suggests that these large players are confident in a future rally and are accumulating for the long term, reducing the available supply on exchanges.

2. "Weak Hands" are Exiting: Clearing the Path for a Rally

This whale accumulation is coinciding with a classic market dynamic: short-term holders, or "weak hands," are exiting the market. The short-term holder Net Unrealized Profit/Loss (NUPL) metric has fallen to 0.21, a level that has historically signaled a potential market bottom. This metric indicates that less-convicted holders have sold their positions, reducing the potential for sell-side pressure on any future price rally.

3. Bullish Chart Signals: A Hidden Divergence

The technical chart for Ethereum is also flashing a powerful bullish signal. The article points to a "hidden bullish divergence," where the ETH price made a higher low while the Relative Strength Index (RSI) made a lower low. This is a technical pattern that typically suggests a trend continuation and that sellers are losing momentum, paving the way for a bullish impulse.

🔮 Price Outlook: Eyeing Key Resistance Levels

Based on these three factors, the article provides a clear bullish outlook for Ethereum's price. If the current momentum continues, ETH could break above the key resistance levels of $4,496, with a next target of $4,672. A clean break above this resistance level could then open the path to $4,958 and potentially lead to new price discovery beyond its current all-time high. The bullish case would only be invalidated if the price drops below the key support level of $4,210.

📌 Conclusion

The combination of whale accumulation, the exit of short-term holders, and bullish chart signals suggests that Ethereum's price is building a powerful foundation for a new rally. While historical trends may suggest weakness in September, these on-chain and technical factors present a compelling counter-narrative. The market is positioned at a critical point, and a decisive move above key resistance levels could trigger a powerful upward trend.

🔐 Disclaimer

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk and volatility. Always conduct your own research (DYOR) and consult a professional financial advisor before making any investment decisions.