Ethereum Whales Fuel Breakout Predictions Amid Institutional Surge

Ethereum (ETH) has made significant gains in September, rising almost 9% and surpassing historical weak periods. Analysts are now predicting a major breakout as whale activity and strong institutional demand continue to support the bullish view.

Gerla, a user, pointed out that ETH's price chart is looking 'dangerous' for bears, with key zones identified at $2,650-$2,900. He expects a breakout in this zone, potentially leading to an acceleration of the asset's price and targeting levels between $4,800-$5,200.

Altcoin Sherpa also noted that ETH has been consolidating over the past few days, which he interprets as a sign of an impending major breakout. Ted echoed similar sentiments, emphasizing the need for buyers to push the asset above $2,800 for another leg up. Otherwise, he warns of sharp correction possibilities.

The accumulation of Ethereum by whales has been substantial, with around 60,000 units (worth approximately $162 million) acquired over the past week. This buying spree can spark broader enthusiasm and reduce available supply, supporting additional price growth. Furthermore, growing institutional appetite is evident in cumulative total net inflows into spot ETH ETFs, which have surged to almost $14 billion, with nearly $700 million attracted last week.