Ethereum climbed past $2,400 following a $8.9 million whale accumulation, marking an 18% increase in its 24-hour trading volume.
Ethereum ETH $2 431 24h volatility: 0.8% Market cap: $293.43 B Vol. 24h: $18.63 B has rebounded sharply from Sunday’s low of $2,131, now trading at $2,409 with a 7% daily gain.
The second-largest cryptocurrency has also seen an 18% jump in its 24-hour trading volume, which currently stands at $28 billion.
The uptick coincides with a major whale activity. Data from LookonChain revealed that on Tuesday morning, a whale, potentially linked to ConsenSys, acquired 3,704 ETH worth around $8.91 million via Galaxy Digital’s over-the-counter (OTC) desk.
The whale/institution (probably linked to ConsenSys) bought another 3,704 $ETH($8.91M) through Galaxy Digital OTC ~20 mins ago.
They have bought a total of 161,112 $ETH(422M) through Galaxy Digital OTC in the past 3 weeks. https://t.co/cW8EvzSFxt pic.twitter.com/7K7o4EOXNu
— Lookonchain (@lookonchain) June 24, 2025
It is interesting to note that the same entity has accumulated 161,112 ETH valued at over $422 million over the last three weeks through Galaxy Digital OTC.
ETH Price Outlook
At the time of writing, Ether is trading around $2,409 with a market cap of $290.86 billion.
On the daily ETH price chart, the RSI has bounced from near-oversold territory to around 48. This suggests a neutral-to-bullish sentiment and if RSI moves further upwards, it may confirm building strength.
ETH price chart with RSI and Bollinger Bands | Source: Trading View
Bollinger Bands show that ETH is now approaching the midline (20-day SMA), indicating a recovery from oversold conditions. A sustained close above the upper band around $2,800 could trigger a move toward the highly-anticipated $3,000.
Meanwhile, the MACD is still in the bearish region with the MACD line below the signal line, but the gap is narrowing. This hints at a potential bullish crossover in coming sessions. However, in the short-term, ETH must hold the $2,350 support to prevent another pullback toward $2,100.
ETH price chart with MACD | Source: Trading View
While ETH faces volatility in the short-term, analysts are expressing optimism in the long-term. Popular analyst Mister Crypto stated on X that ETH appears to be consolidating within a five-year pattern and is likely to break out soon. He urged investors to remain patient.
$ETH will break out of this 5-year long consolidation pattern.
You just need patience! pic.twitter.com/APDrrmyENI
— Mister Crypto (@misterrcrypto) June 24, 2025
Another prominent trader, Christiaan, echoed the sentiment, predicting a price move beyond $3,000 in the mid-term, a 25% gain from current levels.
$ETH is ready for $3000+, don’t be sidelined! pic.twitter.com/r2xwCQxyHq
— Christiaan (@ChristiaanDefi) June 24, 2025
Notably, Ethereum is currently 50% below its all-time high of $4,891 from November 2021.