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Ethereum (ETH) whales are back in action—and they might just be the catalyst Ethereum needs to escape its frustrating price consolidation.
As ETH remains trapped between $2,681 and $2,476, deep-pocketed investors are ramping up their accumulation alongside a surge in new wallet creation, suggesting a breakout could be closer than skeptics believe.
This week, Ethereum (ETH) whales have emerged as a driving force behind a quiet yet compelling momentum shift.
While ETH has struggled to breach resistance at $2,681, the growing activity among whale wallets holding between 1,000 and 10,000 ETH is fueling optimism.
Market watchers are closely monitoring this cohort for signs of a decisive move.
According to data from IntoTheBlock, whale addresses now control 14.3 million ETH, accounting for approximately 18.6% of Ethereum’s circulating supply.
This sharp increase in holdings—particularly over the past month—indicates rising confidence among large investors despite the current price range.
“Such accumulation patterns have historically preceded upward price movements,” said Lucas Outumuro, Head of Research at IntoTheBlock.
“When Ethereum (ETH) whales double down, it often signals a longer-term conviction in the asset’s fundamentals.”
The consolidation range between $2,476 and $2,681 has remained stubbornly intact. ETH is currently trading around $2,564, unable to sustain any breakout attempt.
Yet behind this quiet chart lies a surge in underlying network fundamentals that analysts believe could break the deadlock.
It’s not just whales making moves. Ethereum is seeing explosive growth in new wallets, typically a strong indicator of retail investor activity.
On-chain data shows that since mid-May, weekly new wallet creation has jumped from 800,000 to 1 million.
That’s a substantial year-over-year increase from the 560,000–670,000 new wallets recorded during the same period in 2023.
“The increase in new wallet addresses is a clear sign that retail investors are re-entering the market,” noted Ali Martinez, on-chain analyst at CryptoQuant.
“Combined with whale accumulation, this paints a bullish picture for Ethereum over the next few weeks.”
As Ethereum (ETH) whales continue to stockpile coins, some analysts are pointing to a potential trigger level: the $2,606 resistance zone.
A clear break above this level, followed by a sustained move past $2,681, could confirm a new bullish trend.
“Whales are patient. They accumulate in silence and wait for key resistance levels to break,” said Michaël van de Poppe, a well-known crypto trader and founder of MN Trading.
“Once Ethereum clears $2,681, a rapid move to $2,800 and beyond isn’t off the table.”
The correlation between whale movements and short-term price volatility is well documented. Historically, when large investors consolidate their holdings, retail traders often follow, adding to upward price pressure.
Despite ETH’s lack of recent explosive moves, signs point toward an impending breakout. With both new and seasoned investors entering the fray, market sentiment is turning decisively bullish.
And with Ethereum (ETH) whales consolidating their positions in anticipation of future gains, many believe this period of sideways price action may be the calm before the storm.
“Ethereum is showing classic breakout potential,” said Santiment in a recent on-chain report. “From wallet distribution to active addresses, everything is aligning with the patterns we’ve seen before major rallies.”
While ETH remains range-bound for now, the market’s internals are anything but stagnant. The quiet but aggressive accumulation by Ethereum (ETH) whales, coupled with a dramatic uptick in retail wallets, is a powerful signal that price movement is likely ahead.
All eyes are now on the $2,606 and $2,681 levels. If Ethereum can clear those barriers, the whales may not just be accumulating—they could be preparing to lead the charge into a new rally.
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