Ethereum (ETH), like many other leading cryptocurrencies, experienced a major correction in early June that interrupted its bullish run. It is currently trading at just over $3,500 (according to CoinGecko), which represents a 7% decline on a two-week scale.

However, many industry analysts remain optimistic about the future, suggesting that a new record high price could be reached before the end of 2024. One fact that supports this is that ETH has turned the $3.5K target into a support level.

The market whales are not idle: they have purchased more than 700,000 ETH in the last three weeks, which is worth $2.48 billion (at current exchange rates). This move reduces the available supply of Ethereum on exchanges and could lead to price increases (assuming demand remains the same or increases).

Important online indicators such as the Relative Strength Index (RSI) and ETH exchange net flow also suggest that the asset's price could soon soar.

The RSI, a technical analysis tool that measures the change and speed of price movements, has not fallen below 70 since May 3. Anything above this level signals that ETH is overbought and possibly heading towards a correction.