A total of 1.8 million ETH has been purchased recently, primarily by Korean traders, showcasing significant market demand. Despite a slight price drop of 1.47%, the analysis suggests potential upward movement as the asset consolidates at a support level of $1,988.30.

With increased accumulation and a bullish sentiment reflected in derivatives, ETH is positioned for a possible rally towards $2,900. The current market metrics indicate stronger buying momentum, especially from Korean exchanges, which could trigger further price increases.