Ether's Precarious Perch: Whales Accumulate at Historic Rate as Price Battles Key Support

Ether (ETH) is navigating a complex and divergent market landscape, with its price action reflecting a tug-of-war between short-term selling pressure and unprecedented long-term accumulation by its largest holders. As of recent trading, ETH is priced around $2,448, showing a modest 24-hour decline. The asset has been struggling to maintain its footing above the critical $2,500 psychological and technical support level after facing rejection from higher resistances near $2,700 earlier in the month. This price weakness, however, belies a powerful undercurrent of conviction among major market players.

On-chain data reveals a staggering accumulation trend by so-called "whales" and "sharks." According to analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH have collectively added a remarkable 1.49 million ETH over the last 30 days. This buying spree represents a 3.72% increase in their holdings, bringing their total control to nearly 27% of the entire circulating supply of Ether. This behavior starkly contrasts with that of smaller, retail-oriented wallets, which have largely been taking profits during the recent price turbulence. The divergence suggests that while retail sentiment may be wavering, seasoned, deep-pocketed investors view the current price levels as a significant buying opportunity.

Historic Buying Meets Institutional Hesitation

The scale of this accumulation is further highlighted by data from Glassnode, which reports that daily net whale accumulation has surpassed 800,000 ETH for nearly a full week. One particular day, June 12, saw a massive single-day inflow of over 871,000 ETH into whale wallets, marking the largest net inflow recorded in years. Analysts at Glassnode have noted that this pattern of intense buying has not been witnessed since the bull market of 2017, underscoring the historical significance of the current whale activity. This strategic positioning occurs as ETH retreats from its recent highs, suggesting these entities are preparing for a potential price reversal or establishing a strong support base.

This aggressive on-chain accumulation is occurring amidst signs of cooling institutional demand through traditional financial vehicles. 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. This event snapped a 19-day consecutive inflow streak, signaling a potential pause or shift in momentum from this recently bullish cohort. This institutional pullback, combined with broader market uncertainty, has contributed to the selling pressure that pushed ETH below the $2,500 mark. The ETH/BTC trading pair, currently at approximately 0.02295, has also shown slight weakness, indicating Bitcoin has been marginally more resilient during this downturn.

Technical Outlook and Future Trajectory

From a technical standpoint, Ether's immediate future hinges on its ability to defend the current support zone. The 24-hour trading range for the ETH/USDT pair has been between $2,436 and $2,521. A decisive break below this range could open the door for further downside, while a strong bounce, fueled by the underlying whale demand, could see a retest of resistance levels. The key question for traders is whether the immense buying pressure from whales, which effectively reduces the available supply on exchanges, will be sufficient to absorb the selling from ETF profit-takers and nervous retail investors. If this historic accumulation persists, it is likely to form a formidable price floor, potentially setting the stage for a strong recovery once macroeconomic headwinds subside and institutional flows stabilize.