Smart money is accumulating Ethereum even as traders warn of a drop to $2.4K

cointelegraph.com:

The upcoming Ethereum merge is one of the most widely discussed topics in the crypto sector and analysts have a wide range of perspectives on how the transition to proof of stake could impact Ether's price. 

A deeper dive into the ongoing accumulation of Ether by whale wallets was provided by cryptocurrency intelligence firm Jarvis Labs, which posted the following chart looking at the percentage change in whale wallet holdings versus ET price. 

The color of the dots relates to the price of Ether, with the chart showing that whale wallets began decreasing their holdings when the price was above $4,000 and they didn't start to reaccumulate until after the price dropped below $2,300.

Jarvis Labs said,

And it's not just the whales who are looking to scoop up Ether on the dip as shown in the following chart where red dots indicate that both whale wallets and smaller wallets have seen an increase in accumulation. 

Analysts at Jarvis Labs said,

Analysts at Delphi Digital contemplated whether Ethereum price could decouple from BTC leading into or after the merge. The analysts also predict that the altcoin is “likely to see more consolidation for ETH/BTC in the short run.”

One of the main questions this chart elicits is what will it take for Ether to break free from “the invisible chain” that has kept it tethered to Bitcoin for so long.

According to Delphi Digital, the current bullish "ultrasound money" and "Merge" narratives surrounding Ether might be just the thing to help Ether break free from its correlation to Bitcoin price action.

Delphi Digital said,

Even with Ether price continuing to decline, data shows that the number of ETH staked on the beacon chain continues to increase. Data from Dune Analytics also shows increasing