Ethereum has held steady above the $1,800 mark for several days, drawing renewed interest from major holders known as whales. Recent data reveals these large investors added over 11,300 ETH, equivalent to roughly $20.6 million, despite the asset’s ongoing challenges maintaining an upward momentum.
One whale boosted its holdings by nearly 5,000 ETH, bringing its total to over 49,000 ETH valued at more than $84 million. Meanwhile, two wallets believed to be connected acquired over 6,300 ETH, intensifying accumulation activity within the network. This surge in buying at various price levels suggests strong conviction among high-net-worth investors regarding Ethereum’s price recovery prospects.
Beyond individual buys, broader market dynamics reinforce this optimistic outlook. Exchange Netflow data indicates a continued outflow of ETH from trading platforms, marking the longest consecutive negative streak of the year. This trend reflects a reduction in tokens available for immediate sale, heightening scarcity and pushing the Exchange Supply Ratio to a three-week low. Historically, such conditions have preceded periods of price appreciation for Ethereum.
The technical side supports these developments as well. Ethereum’s Relative Strength Index has remained above the neutral 50 threshold for over a week, aligning with growing demand and reinforcing a potential bullish trend. To sustain upward momentum, Ethereum must maintain prices above its short-term moving average near $1,778. Falling below this level could undermine the recent gains and prompt a downward correction.
In sum, the concentrated buying by whales coupled with declining supply on exchanges and positive technical indicators reflects renewed confidence in Ethereum’s near-term price potential. If this accumulation trend continues, the market could see Ethereum stabilize around $1,800 and aim for the $2,000 mark in the coming sessions.