Ethereum (ETH) has experienced a 3% increase in the last seven days. After a back and forth performance in May 2023, optimistic Ethereum whales are now seemingly in control. They are expected to generate enough momentum to propel its price upward to the $2,000 price target.

Ethereum (ETH) whales initially adopted a cautious stance in the first two weeks of May. However, positive news allayed fears of a systemic US debt crisis, which has reinstated bullishness in Ethereum and other Layer-1 coins. As June 2023 continues, could the bullish crypto investors propel ETH’s price to hit the $2,000 ETH price prediction?

Once Again, Crypto Whales Are Betting Big On ETH

Crypto whales have again become bullish on Ethereum, according to on-chain data compiled by Santiment. The chart below shows how ETH whales have increased their trading activity by almost two-fold in the past week alone, after a lacklustre performance earlier in May.

Between May 27th and June 2nd, the number of large transactions involving ETH increased. More specifically, 1,840 large transactions were recorded on May 27th, and by the end of June 1st, the figure had risen to 3,660. This represents a 99% surge in whale trading activity in just one week.

The large transactions metric sums up daily transactions exceeding $100,000. When this figure increases, it indicates that whales are increasing their bets on the underlying cryptocurrency. Since whales are usually large institutional investors or high net-worth individuals, they wield significant influence. If other strategic investors decide to mirror their bullish trading activity, it could lead to ETH entering a prolonged rally.

Ethereum Holders are Moving Coins Off Exchanges

Despite the recent uptick in price, ETH holders continue to move their assets off exchanges. The Glassnode chart below illustrates how they moved 486,000 ETH between May 25th and June 2nd.

The balance on exchanges evaluates the number of coins holders have deposited on crypto exchanges. Typically, when this figure increases, it indicates that investors are seeking short-term trading opportunities. Conversely, when it declines like it did in the above chart, it temporarily reduces market supply.

Overall, the growing optimism among Ethereum whale investors and the drop in exchange balance could result in some bullish price action for ETH.

ETH Price Prediction: Potential Break Out Towards $2,300

Considering the bullish activity among the whale investors, the price of ETH may increase towards $2,300 in the coming weeks.

However, IntoTheBlock’s Global In/Out of The Money Around Price (IOMAP) data suggests that ETH will face initial resistance around the $1,900 mark. The chart below highlights that 2.29 million investors who bought 2.58 million ETH at an average price of $1,916 may put up a sell-wall.

If the bulls prevail, the price of ETH could rise even further towards $2,300. Conversely, the bears could invalidate the bullish ETH price prediction if it unexpectedly drops below the critical $1,800 support zone. However, 1.86 million investors who purchased 5.86 million ETH at a minimum price of $1,808 will likely prevent that. Even though it is unlikely, ETH could retrace further towards $1,700 if it falls below that support level.