Ethereum Price Analysis: Whales Accumulate at Historic Levels Despite Market Chop

Ethereum (ETH) is currently navigating a period of intense consolidation, with its price oscillating primarily between the crucial $2,500 support and the $2,540 range. While the surface price action appears indecisive, characterized by declining volume and a rejection near the $2,673 level, a powerful underlying trend is emerging from on-chain data. Despite the short-term bearish pressure that saw ETH trade down to $2,520.60 on the ETH/USDT pair, a deeper look reveals a story of conviction among large-scale investors. The market is witnessing a classic standoff between immediate technical weakness and formidable, long-term accumulation, creating a tense environment for traders eyeing the next major move.

The most compelling narrative for Ethereum bulls comes directly from on-chain metrics. According to data reported by Glassnode, Ethereum whales are accumulating ETH at a pace not seen in years. For nearly a week, the daily net accumulation by whale wallets—those holding between 1,000 and 10,000 ETH—has consistently surpassed 800,000 ETH. This aggressive buying culminated in a massive single-day inflow on June 12, when these large holders added over 871,000 ETH to their balance sheets, the largest such inflow recorded in 2024. This wave of accumulation has pushed the total holdings in this wallet cohort above 14.3 million ETH. Analysts note that this scale of buying is reminiscent of market behavior last observed during the bull market of 2017, signaling a profound level of conviction from sophisticated market participants who appear to be treating the current price weakness as a strategic entry point.

ETH Technicals: A Battle at Key Support and Resistance

From a technical standpoint, Ethereum's chart tells a story of a fierce battle. The price recently experienced a sharp 5.7% decline from a peak of $2,679.99 down to $2,527.37, confirming the $2,650 area as significant short-term resistance. This move was followed by a period of tight consolidation. However, the support zone between $2,490 and $2,500 has proven resilient, repelling multiple downside tests with strong volume. During one 24-hour period, ETH saw a sharp decline from $2,564.28 to $2,455.95 before staging a V-shaped recovery, establishing the $2,503-$2,504 zone as a critical short-term floor. Traders are now closely monitoring for a potential bullish signal known as a ‘golden cross,’ where the 50-day moving average crosses above the 200-day moving average. Historically, this pattern has often preceded significant upward price trends, and its formation could provide the catalyst needed to break the stubborn overhead resistance capping gains at $2,800.

Cross-Asset Dynamics: ETH, BTC, and SOL

Analyzing Ethereum in the context of the broader market provides additional insight. The ETH/BTC pair is currently trading around 0.0233, showing a slight underperformance against Bitcoin in the immediate term, which aligns with ETH's struggle to overcome its resistance levels. Meanwhile, other layer-1 assets like Solana (SOL) are also experiencing pullbacks, with SOL trading around $148, down approximately 1.4% over 24 hours. Interestingly, the SOLETH pair has shown some relative strength, climbing over 2.5%. This could suggest some capital rotation as traders seek opportunities in alternative assets while Ethereum remains range-bound. However, the overarching factor remains the immense whale accumulation in ETH, which suggests that major players are positioning for Ethereum to outperform once the current consolidation resolves. The record of over 35 million ETH now locked in staking contracts further reduces the available circulating supply, adding another potential tailwind for price appreciation once market sentiment shifts decisively bullish.