Ethereum price could break past $3,500 as whale increase their holdings of the altcoin

Ethereum price is likely to continue its rally ahead of the merge on the mainnet. Analysts believe Ethereum price could target $3,500. 

Ethereum price prepares for massive upswing

Ethereum price could make a comeback above $3,500 as analysts predict a continuation of the altcoin's uptrend. The top 10 Ethereum whale wallets have accumulated more Ethereum over the past year; this puts their holdings 4.3% higher than 2021. 

Based on data from Santiment, a crypto intelligence platform, there is a rise in Ethereum whale holdings. Accumulation of the altcoin is considered bullish by investors. Historically, when large wallet investors accumulate Ethereum, there is a reduction in circulating supply and a price rally follows. Alongside the burn implemented by the London hard fork and staking in the ETH2 contract, Ethereum is set to rally.

Ethereum's top 10 addresses accumulate ETH over the past year. 

Analysts determined the direction in which Ethereum is headed using the Spent Output Profit Ratio (SOPR). This ratio is calculated by dividing the realized value by the value at creation, in simpler words, price at which the asset is sold vs. the price at which it was acquired. 

When SOPR crosses 1, then investors are selling their asset profitably. Currently, SOPR is close to the baseline; proponents believe at $3,300, the metric could cross 1, indicating low-risk purchases. 

Ethereum Spent Output Profit Ratio (SOPR)

FXStreet analysts have evaluated the Ethereum price trend and predicted a rally to $3,500 over the weekend. Analysts believe Ethereum price would hit resistance at the top of the Ichimoku cloud around $3,200 level. Once the altcoin crosses this level, it could continue uptrend to $3,500.