The Ethereum (ETH) price has surged on Wednesday, buoyed by a broader rally across both crypto and traditional asset markets following the release of US CPI data. Adding intrigue to the market dynamics, traders have turned their attention to a mysterious wallet that recently acquired 29,000 ETH, interpreting the move as a potentially bullish signal.

Various blockchain trackers have reported the accumulation of 29,000 ETH by a new wallet within the last 24 hours. In the crypto world, activity among large holders, known as whales, is closely monitored, as they are often considered to represent smart money with a potential market edge.

Traders are speculating that this significant accumulation by the mysterious new wallet could signal a bottom in the Ethereum market. The ETH price had been testing support levels in the $2,800s in recent days, with a potential breakdown below this key zone threatening a further decline towards $2,700 and beyond.

However, the timing of the mysterious whale's accumulation seems opportune, coinciding with a 5% surge in the Ethereum price back above $3,000 as traders digest the US CPI data. The latest CPI figures have alleviated concerns about inflationary pressures, suggesting that the Federal Reserve may retain the ability to cut interest rates in 2024 if needed.

The macroeconomic outlook, if pointing towards renewed disinflation in the coming weeks, could serve as a tailwind for the Ethereum price. This has led some analysts to speculate that the recent bottom under $3,000 may represent a local low for Ethereum.

Despite the optimism, technical analysis indicates that Ethereum bulls have yet to regain full control of the market. The ETH price remains below key moving averages, including the 21-day moving average near $3,050, as well as the 50 and 100-day moving averages.

As the market continues to unfold, traders and investors will closely monitor the behavior of both whales and key technical levels to gauge the direction of Ethereum's next move.