Investors have shown continued belief in the potential of Ethereum (ETH), despite recent fluctuations in its price. Recent data indicates a significant accumulation of over 700,000 ETH by large-scale investors, totaling around $2.45 billion in the past three weeks. This buying spree by Ethereum whales suggests a long-term outlook on the cryptocurrency’s future and a newfound confidence in its stability.

Although the price of ETH saw a brief dip below $3,400, it quickly rebounded to trade at $3,569.40, driven partly by the increased activity of these whales. However, the overall bearish trend established since late May still looms over the cryptocurrency, marked by multiple lower lows and lower highs.

To break out of this pattern, ETH will need considerable bullish momentum, particularly as the Chaikin Money Flow (CMF) indicates a decline in money flowing into the cryptocurrency. Conversely, the Relative Strength Index (RSI) has shown significant growth recently, signaling an uptick in bullish momentum around ETH.

Looking at on-chain data, the Network Growth for ETH has declined, suggesting a waning interest from new addresses. This drop in velocity, coupled with the decrease in ETH trades, indicates a cautious approach from investors despite the recent whale accumulation of the cryptocurrency.

Overall, the market sentiment surrounding Ethereum remains mixed, with conflicting indicators pointing to both bullish and bearish scenarios. As investors navigate through the unpredictable landscape of cryptocurrency trading, the future of Ethereum hangs in the balance, waiting for a clear direction to emerge.