Ethereum (ETH) is exhibiting a fascinating divergence between short-term price action and long-term holder conviction, creating a complex but opportunity-rich environment for traders. While ETH recently faced a sharp rejection near the $2,673 mark, leading to a dip below the crucial $2,500 psychological level, the subsequent recovery has been robust. As of the latest data, the ETH/USDT pair is trading strongly at $2,807.98, marking a significant 6.93% gain in the last 24 hours. This rebound has pushed the price from a low of $2,605.72 to a high of $2,812.57, signaling renewed bullish momentum. However, the most compelling story is unfolding on-chain, where large-scale investors are accumulating ETH at a historic pace, seemingly unfazed by recent volatility.

Ethereum Whales on a Historic Buying Spree

The most significant indicator of underlying strength comes from on-chain analysis of large wallet activity. According to data from analytics firm Santiment, wallets holding between 1,000 and 100,000 ETH, often referred to as 'whales' and 'sharks', have collectively added a staggering 1.49 million ETH to their holdings over the past 30 days. This accumulation spree represents a 3.72% increase in their total balance, bringing their control to nearly 27% of the entire circulating supply of Ether. This sustained buying pressure from some of the market's most influential players suggests a deep-seated belief in ETH's long-term value proposition, viewing recent price dips as prime accumulation zones.

Accumulation Intensity Not Seen Since 2017

Further analysis from Glassnode, highlighted by on-chain analyst @OnchainDataNerd, reinforces this trend with even more dramatic figures. For nearly a week, the daily net accumulation by whale wallets has consistently surpassed 800,000 ETH. A peak in this activity was observed on June 12, when these large wallets added over 871,000 ETH in a single day—the largest net inflow recorded in 2025 thus far. Glassnode analysts have noted that this scale of concentrated buying has not been witnessed since the bull market of 2017, underscoring the profound conviction held by these large entities. This aggressive accumulation occurred as ETH's price retreated from the $2,700 resistance, indicating a strategic move to establish significant positions at discounted prices, possibly in anticipation of future catalysts like ETF-driven institutional flows.

Technical Outlook and Cross-Market Analysis

From a technical standpoint, Ethereum's recent price action tells a story of a successful support defense followed by a powerful reversal. The drop from the $2,679.99 high to the $2,527.37 low on June 16 confirmed strong resistance near $2,650-$2,700. However, the subsequent bounce from the lows and the recent surge above $2,800 has shifted the immediate outlook to bullish. The key support level to watch now is the recent 24-hour low around $2,605, while the immediate challenge is to solidify a foothold above the $2,800 level. The ETH/BTC pair adds another layer of insight, currently trading at 0.02529 BTC with a 5.24% gain. This indicates that Ethereum is currently outperforming Bitcoin, a classic sign of returning risk appetite in the crypto markets. This strength is also visible when compared to other altcoins; for instance, the SOLETH pair, while up, shows ETH's superior momentum. This divergence between whale accumulation and prior retail weakness presents a critical juncture. The prevailing question for traders is whether this wave of institutional-grade buying can sustain momentum and break through upcoming resistance levels, paving the way for a new upward trend.