Crypto
Ethereum Price Repeats August Breakout Pattern, Rally Ahead?
Ethereum (ETH)’s recent consolidation breakout, alongside whale accumulation and bullish bets, suggests further gains toward $3,040.
1d ago 4,280
BLOCKINSIDERLoadingEthereum (ETH)’s recent consolidation breakout, alongside whale accumulation and bullish bets, suggests further gains toward $3,040.
After five consecutive green days and a 16.55% price jump, Ethereum (ETH) ends its bullish streak with a 0.30% decline. However, this modest drop in the asset’s price has not changed market sentiment, which remains bullish.
The latest data shows that Ethereum ETFs printed record inflows, while whale activity alongside price action suggests that ETH is on the verge of further upside.
SoSoValue, an analytics platform, disclosed that on September 21, 2026, U.S. spot Ethereum ETFs recorded an inflow of $269.98 million, the largest single-day inflow in 2026 and the highest since October 2025. This record inflow suggests growing investor interest in the underlying asset and is a bullish signal for ETH.
It’s worth noting that not only are Wall Street investors showing interest, but whales are also betting strongly on ETH.
Recently, crypto transaction tracker Lookonchain revealed that Tom Lee’s Bitmine has continued accumulating ETH, as the firm withdrew a massive 12,500 ETH worth $34.55 million from the Kraken crypto exchange.
Meanwhile, another catalyst reinforcing ETH’s bullish outlook is Trump’s potential insider. Recently, a well-followed crypto analyst shared a post on X stating that a whale with a 100% win rate has opened a massive $107.098 million long position on ETH, indicating the asset’s strong upside potential.
At press time, ETH declined 0.30% over the past 24 hours and trades around the $2,750 level. Apart from the price, the asset’s trading volume has also fallen 13% to $59.13 billion, suggesting reduced trading activity.
Despite all these bullish developments, ETH price declined, raising questions about what’s next for the asset. The key question is whether Ethereum’s price will continue its upward momentum or whether a potential correction is on the horizon.
According to TradingView’s daily chart, ETH appears bullish and is poised to continue its upward momentum in the coming days. The daily chart shows that the asset recently broke out of a prolonged consolidation zone that formed between August 20 and September 18, 2026.
Earlier, when ETH broke out of a similar consolidation zone, the asset surged over 30%. This time, ETH’s price has already rallied 8.75% from the breakout level, rising from $2,558 to $2,770.
Based on the current price action, if sentiment remains unchanged, there is a strong possibility that the asset could see an additional 11% price jump and reach the $3,040 level. However, a correction could occur if ETH fails to cross the $2,800 level.
At the time of writing, ETH’s price traded above the 200-day Exponential Moving Average (EMA), indicating strong underlying bullish momentum and a positive long-term trend.
In fact, looking at the current price action, a well-followed crypto analyst shared a post on X stating that there is an imbalance between the $2,400 and $2,700 levels.
In the post, the analyst further noted,
“If we fail to close above this region, it will likely mark the week's high, and further downside should follow to 2.2K. However, if we do manage to close above, the next target is 3K.”
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