As Bitcoin dominance wanes, Ethereum (ETH) whales continue to accumulate.

ETH, one of the cryptocurrencies to be followed for the altcoin season, is about to gain significant momentum. According to the analysis by AMBCrypto, the price of ETH could touch $2,900 in the near future. The price analysis also touched on whale activity.

Ethereum whales are hungry

Ethereum (ETH), which has been moving around the $2,500 level for a long time, started to rise with the Fed's interest rate cut. ETH increased by 12.7 percent in the last week. The retreat in Bitcoin dominance led to the flow of money towards ETH.

The ETH rise, interpreted as a general reflection of the recovering market sensitivity, may intensify with whale activity.

AMBCrypto, which indicates that there may be an increase in the price of ETH, supported its analysis as follows:

Our metric evaluation revealed that whales have been following the recent rally from the forefront. They have been accumulating since the beginning of September.

According to historical data, ETH whales had 58.12 million ETH in their wallets on September 1. Since September 1, whales have accumulated 360,000 ETH (950 million dollars).

What are the expectations for Ethereum (ETH)?

AMBCrypto, evaluating the recent surge in ETH, said in its analysis:

**"The rise can be seen as a sign of recovery. In this case, many investors can expect the uptrend to continue. It would not be right to expect an unceasing rise." **

Analysis predicted that the short-term momentum could carry ETH to between $2,800 and $2,900. These price levels are highlighted as a potential resistance point.

AMBCrypto warned against potential selling pressure that could occur at the $2,900 level. The analysis stated that there is currently no overbought condition.

This article does not contain investment advice or recommendation. Every investment and trading transaction involves risk, and readers should conduct their own research when making decisions.