[Digital Today reporter Jinju Hong (홍진주)] Analysis suggests Ethereum (ETH) prices could enter a medium-term uptrend. On-chain indicators and technical patterns are improving at the same time, lifting market expectations.

On March 21 local time, blockchain media outlet Cointelegraph reported that leading analysts pointed to a possible rise in Ethereum to $2,750 in June and $3,200 in September.

The key basis is whale activity. CryptoQuant data show the realised profit ratio of large wallets holding more than 100,000 ETH has crossed above 0, moving out of loss territory. It is the first time since February, meaning large investors have re-entered a profit zone.

On-chain analysts see the indicator as an important turning signal. Analyst CW explained, "In the past, an uptrend started after the whale group recovered its breakeven point." In similar cases, Ethereum rose on average about 25 percent after 3 months, 50 percent after 6 months and up to 300 percent after 1 year.

If the pattern repeats, the analysis is that selling pressure from large investors could ease and confidence across the market could recover, strengthening upward momentum. Moves by institutions and whales are seen as important because they directly affect retail investor sentiment.

Still, optimism is hard to conclude based on on-chain indicators alone. In 2018, after a similar signal, Ethereum fell about 17 percent in the short term and later plunged close to 70 percent. The outcome can vary depending on market conditions and macro variables.

From a technical perspective, Ethereum has also reached an important juncture. After recently breaking out of an ascending triangle pattern, it entered a retest phase to confirm the previous resistance line as support. If it holds that zone firmly, additional gains above $2,625 are possible, but failure could send it down to the $1,950 to $2,000 range.

Glassnode data also suggest Ethereum is showing a recovery trend from an undervalued zone. It is currently trading below its realised price of about $2,353, and a break above could open room to rise toward around $2,640. If it fails to break above, a retest of the $1,650 range cannot be ruled out.

With the whale profit shift and technical signals appearing at the same time, the market sees the next few weeks as a key period that will determine the medium-term direction. Investor focus is on whether this becomes the start of an uptrend or leads to another correction.