Ethereum (ETH) is currently navigating a period of significant market tension, with price action telling a story of short-term weakness while on-chain data reveals a powerful undercurrent of accumulation by large holders. As of recent trading sessions, ETH is priced around $2,515.75 on the ETH/USDT pair, marking a notable recovery but still reflecting the pressure from a recent sharp rejection near the $2,673 level. This downturn, which saw prices briefly test lower supports, has created a divergence between wavering retail sentiment and the resolute buying activity of crypto's most significant players. The key question for traders is whether this massive whale accumulation will act as a strong enough floor to absorb selling pressure and fuel a sustainable reversal.

Ethereum Whales Embark on Historic Buying Spree

Despite the bearish price movements, on-chain analytics reveal a staggering level of accumulation by Ethereum whales, a trend not witnessed with such intensity in years. According to on-chain intelligence firm Glassnode, the scale of buying from wallets holding between 1,000 and 10,000 ETH has reached historic proportions. This cohort's daily net accumulation has surpassed 800,000 ETH for nearly a week, pushing their total holdings above 14.3 million ETH. The peak of this activity occurred on June 12, when these whale wallets added an astonishing 871,000 ETH in a single day. Glassnode analysts noted this level of concentrated buying has not been seen since the bull market of 2017, underscoring the profound conviction these large entities have in Ethereum's long-term value proposition, even as prices dip.

Shark and Whale Cohorts Signal Long-Term Conviction

This trend is not isolated to a single whale category. Further data from the analytics platform Santiment corroborates this accumulation narrative across a broader spectrum of large holders. Wallets holding between 1,000 and 100,000 ETH, often referred to as both sharks and whales, have collectively added 1.49 million ETH over the past 30 days. This represents a 3.72% increase in their holdings, bringing their total control to 26.98% of the entire circulating supply of Ether. Santiment highlights that this accumulation has occurred while smaller, retail-sized wallets have been consistently selling or taking profits. This divergence often precedes market bottoms, suggesting smart money is strategically positioning itself. However, this conviction is contrasted by a slight cooling in institutional demand via ETFs. Data from Farside Investors confirmed that U.S.-listed spot Ethereum ETFs experienced $2.2 million in net outflows on a recent Friday, concluding a 19-day streak of positive inflows.

ETH/USD Technical Outlook: Support at $2,500 Holds the Key

From a technical standpoint, Ethereum is holding a critical line of defense. After being decisively rejected from the $2,650-$2,673 resistance zone, sellers drove the price down to test support around the psychologically significant $2,500 mark. The 24-hour low for the ETH/USDT pair was recorded at $2,414.29, but buyers stepped in to reclaim the $2,500 level. The current price action shows consolidation above this support, with traders closely watching for the next directional move. A sustained defense of $2,500, bolstered by the immense whale buying, could set the stage for another attempt to break resistance. Conversely, a failure to hold this level could open the door to further downside. The ETH/BTC pair, trading at approximately 0.02321, has shown a 2.6% gain, indicating some relative strength against Bitcoin during this consolidation phase. In the broader altcoin market, Solana (SOL) has also shown resilience, trading around $152.42 with a 1.46% gain, though its correlation with Ethereum's major moves remains a key factor for traders.

In conclusion, the Ethereum market presents a classic battle between short-term technical pressure and long-term fundamental accumulation. The brief halt in ETF inflows suggests some institutions may be pausing, but the on-chain evidence of whale buying is overwhelmingly strong and historically significant. For traders, the immediate focus remains on the $2,500 support level. A strong bounce from here, coupled with high volume, would validate the whales' bullish stance and could signal the end of the current correction. However, caution is warranted, as a break below this critical support could invalidate the bullish on-chain signals in the short term and lead to a retest of lower price zones. The coming sessions will be crucial in determining whether the giants of the market can turn the tide.