Ethereum's recent price movement is being driven by significant whale accumulation and the formation of a bullish inverse head-and-shoulders pattern. Large holders have moved approximately 25,000 ETH off exchanges, signaling a long-term holding strategy and reducing immediate selling pressure. This strategic accumulation aligns with historical patterns where whales capitalize on price corrections to build positions. The technical setup suggests potential for a substantial rally if key support levels are maintained, contributing to Ethereum's resilience despite a broader market correction.
The Volatility Shares Trust 2x Ether ETF (ETHU) has responded to these developments, rising 1.22% to $7.44 as of 5:20 AM on Friday, January 10.