Ethereum Whales Accumulate Aggressively Despite Price Correction

Ether (ETH) has experienced a notable downturn, with its price falling 3.7% over a 24-hour period to trade at $2,555.77 on Tuesday. This decline followed a sharp rejection near the critical $2,673 resistance level, which initiated a cascade of selling pressure. The market weakness was evident as ETH broke through initial support structures, with the sell-off intensifying late on Monday. The current price for the ETH/USDT pair is hovering around $2,446.91, with a 24-hour trading range between $2,374.58 and $2,457.83, indicating persistent volatility. The ETH/BTC pair also shows weakness, trading at 0.02276 BTC, down 0.828%, suggesting Bitcoin is currently outperforming Ethereum in the immediate short term.

On-Chain Data Reveals Historic Buying by Large Holders

Despite the bearish price action, a fascinating divergence is appearing in on-chain data. According to analysis from Glassnode, large-scale investors, often referred to as 'whales,' are engaging in a significant accumulation spree. Wallets holding between 1,000 and 10,000 ETH have been adding to their positions at a rate not witnessed since the bull market of 2017. For nearly a week, the daily net accumulation by these whale wallets has surpassed 800,000 ETH. This trend culminated in a massive single-day inflow on June 12, when these large holders added over 871,000 ETH to their balance sheets. This aggressive buying during a price dip suggests a strong conviction among sophisticated market participants, who may be strategically positioning for future catalysts, such as developments around spot Ether ETFs or other institutional adoption narratives. This accumulation could establish a strong support floor for ETH prices, potentially mitigating further downside.

Altcoin Market Movers: AVAX and SOL Show Divergent Strength

While Ethereum consolidates, other layer-1 blockchains are capturing traders' attention. Avalanche (AVAX) demonstrated significant bullish momentum, surging 8.2% in a 24-hour window from $16.29 to a high of $18.50. The asset established a firm support level at $18.03, though it is currently facing immediate resistance in the $18.47 to $18.50 range. Technical analysis models indicate that strong buying volume was observed around the $17.40 and $18.07 levels, confirming robust buyer interest that fueled the rally. If AVAX can decisively breach the $18.50 resistance with sustained volume, it could signal a continuation of its upward trajectory. This move contributed to a broader positive sentiment in the altcoin market, which saw many assets gain ground.

Solana Gains Against Ethereum as Market Dynamics Shift

Solana (SOL) has also shown resilience, with the SOL/USDT pair trading around $149.05. More revealing is its performance against its primary competitor, Ethereum. The SOL/ETH trading pair has climbed an impressive 2.595% to trade at 0.06800 ETH, reaching a 24-hour high at that level. This indicates that capital may be rotating from ETH to SOL as traders seek higher beta plays within the layer-1 ecosystem. While SOL/USDT shows modest gains, its strength against both ETH and BTC (SOL/BTC currently at 0.0013733) points to underlying fundamental strength or speculative interest in the Solana ecosystem. With a 24-hour high of $149.84, SOL is testing key resistance levels. Traders will be closely watching if the momentum in the SOL/ETH pair can be sustained, as it is often a key indicator of shifting leadership within the smart contract platform sector.