Ethereum is trading around $1,880, down 60% from a year ago, but a combination of whale accumulation, shrinking exchange reserves, and analyst calls for a rally to $3,000 is giving bulls a reason to pay attention. The token hasn't held above $2,000 since early June, yet the setup on-chain and in derivatives is starting to look familiar to those who've watched previous recoveries.
Whales keep buying
CryptoQuant data shows large investors holding 10,000 to 100,000 coins, along with so-called mega-whales, have been accumulating aggressively since mid-2025. Smaller players, meanwhile, have been selling. That's a bullish combination, according to the data provider, because it means the supply is shifting from weak hands to strong ones.
Exchange reserves are also near a 10-year low. That means there's less Ethereum sitting on exchanges ready to be sold, which reduces immediate selling pressure. When reserves drop this low, it often takes less buying to push the price up.
The $1,580 launchpad
Analyst Ali Martinez points to the June drop to $1,580 as a potential launchpad. He notes that this level has historically preceded major revivals, and he sees a path back to $3,000. The idea is that the low already flushed out the sellers, leaving the market cleaner for a rebound.
Analyst targets
Michael van de Poppe is more direct: he recommends buying now, expecting a rally to $3,000 in days or weeks. He cites historical breakouts where Ethereum moved 60% in less than a week. Another analyst, Gerla, goes further, predicting a new all-time high above $10,000 based on an RSI signal. That's a much bolder call, but it shows the range of opinions out there.
ETF inflows
Spot Ethereum ETFs have seen strong inflows since the start of July, a sign of institutional interest. That money doesn't always show up in price immediately, but it adds to the bullish picture. When institutions are buying through regulated vehicles, it can provide a floor under the market.
The immediate test is whether Ethereum can reclaim $2,000, a level it hasn't held since early June. If the accumulation trend holds and ETF inflows continue, the path to $3,000 could open up. But the broader market still has to cooperate.
