Ethereum Whales Defy Market Trends with Massive Accumulation

Despite a volatile trading environment, Ethereum (ETH) is witnessing a significant divergence between large-scale investors and smaller retail participants. On-chain data reveals a powerful accumulation trend by so-called whales and sharks—wallets holding between 1,000 and 100,000 ETH. According to analysis from the crypto analytics platform Santiment, these influential cohorts have collectively added a staggering 1.49 million ETH to their holdings over the past 30 days. This represents a 3.72% increase in their combined balance, bringing their total control to 26.98% of the entire circulating supply of Ether. This aggressive buying campaign stands in stark contrast to the behavior of smaller wallets, which have largely been observed taking profits, signaling wavering conviction among retail traders amid recent price corrections.

This undercurrent of institutional confidence is further corroborated by data from Glassnode, which highlights that the scale of this buying pressure has not been seen since the bull market of 2017. For nearly a week, daily net whale accumulation has consistently surpassed 800,000 ETH. One of the most significant single-day inflows occurred on June 12, when these large wallets absorbed over 871,000 ETH. This strategic accumulation has intensified as ETH's price has pulled back from levels near $2,700, suggesting these investors view the dip as a prime entry point. However, this conviction from large players is set against a backdrop of cooling institutional interest via regulated products. Data from Farside Investors confirmed that U.S.-listed spot Ethereum ETFs experienced their first day of net outflows on Friday, totaling $2.2 million and snapping a 19-day streak of positive inflows. This juxtaposition creates a complex but fascinating market dynamic for traders to navigate.

ETH Price Analysis: Key Levels to Watch Amid Whale Support

From a technical standpoint, Ethereum's price action reflects this tug-of-war. Over the past 24 hours, the ETH/USDT pair has traded within a range of $2,548.37 to $2,643.96, ultimately posting a gain of around 2.5% to trade near $2,612. The key battleground remains the support zone around $2,500-$2,550. Previous sessions saw a sharp rejection near the $2,673 level, which triggered a sell-off, but the price has since stabilized, finding strong support above the 24-hour low. The persistent whale accumulation is likely providing a solid floor, absorbing selling pressure and preventing a deeper correction. A crucial resistance level for bulls to overcome is the recent high around $2,645. A decisive break above this level, supported by volume, could signal a continuation of the uptrend and potentially challenge the $2,700 psychological barrier once more.

Analyzing Ethereum's performance against other major cryptocurrencies provides additional context. The ETH/BTC trading pair has shown notable strength, rallying approximately 1.9% to trade at 0.02403 BTC. It carved out a 24-hour range between 0.02358 and 0.02431 BTC, indicating that, in the immediate term, capital is favoring Ethereum over Bitcoin. This relative strength is a bullish signal for ETH-centric traders. Conversely, the market is also watching the dynamic with major competitors like Solana. The SOL/ETH pair has seen significant volume, suggesting active rotation between the two leading smart contract platforms. For now, the strong whale support for ETH, combined with its outperformance against BTC, suggests a constructive outlook, provided the critical support level holds. Traders should monitor the $2,550 level for support and the $2,650 area as the first major hurdle for resistance.