Despite Ethereum's recent price dip, whale interest in the cryptocurrency has surged, with large-scale investors accumulating over 700,000 ETH in the past three weeks, equivalent to approximately $2.45 billion. This significant buying spree suggests that these whales believe in Ethereum's long-term potential and view the recent price dip as a buying opportunity.

While this uptick is significant, it hasn't been enough to break the bearish trend established since May 27. Ethereum's price would require substantial bullish momentum to reach new highs. However, the declining Chaikin Money Flow (CMF) indicates a decrease in money flowing into ETH, painting a bearish picture for its future.

On the other hand, the Relative Strength Index (RSI) has grown materially over the last few days, signaling rising bullish momentum around ETH. If this momentum continues, ETH may test the $3,607.30 level again and weaken that resistance, increasing the possibility of a reversal.

On-chain data reveals a decline in Network Growth and velocity for ETH, indicating a decrease in new addresses showing interest in ETH and a decline in ETH trades. This suggests that new addresses aren't willing to buy ETH even at current discounted prices.

Despite these bearish signs, the significant accumulation by whales suggests confidence in Ethereum's future, potentially keeping its price stable. As the market continues to fluctuate, it remains to be seen whether Ethereum's price will grow in response to whale interest.