Despite recent dips, Ethereum’s (ETH) price is showing signs of resurgence. While some investors are cautious about potential sell-offs, prominent crypto analysts like Ali Martinez and Ted Pillows express optimism, predicting a major rally for ETH. 2024 has seen a surge in buying activity by whales and a decrease in the amount of Ethereum held on exchanges, which supports this bullish outlook. Ali Martinez highlights that the MVRV Ratio, indicating whether a cryptocurrency is over or underpriced, is currently bullish for Ethereum. This suggests potential room for price growth. Another factor driving optimism is the quiet accumulation by institutional investors known as ‘whales’. Over 450,000 ETH have been added to their wallets in recent months, indicating an expectation of upward movement in ETH prices. Furthermore, a decline in the amount of Ethereum held on exchanges suggests a reduced likelihood of immediate selling. With many seeing a critical support level at $2,200, analysts believe that ETH could break through this level and reach as high as $4,000 if momentum continues to grow. The current price around $2,383 is already holding above this key level. A bullish outlook is also present as seen in the chart by analyst Ted Pillows, who points out that ETH has been trading within a triangle pattern since 2020 and is approaching its upper edge. This break could ignite the next explosive rally for ETH.