Ethereum Whales on Historic Buying Spree Amidst Market Cooldown

The Ethereum market is presenting a fascinating and complex picture for traders, defined by a stark divergence between large-scale accumulators and wavering retail sentiment. While Ether's price has struggled, recently trading around $2,490 after a 4% dip, a powerful undercurrent of whale activity suggests a bullish long-term conviction. According to on-chain analytics firm Santiment, wallets holding between 1,000 and 100,000 ETH have collectively added an astounding 1.49 million ETH over the last 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. This aggressive accumulation by so-called 'whales and sharks' stands in direct opposition to the behavior of smaller, retail-oriented wallets, which have been observed taking profits during the recent price turbulence.

On-Chain Conviction vs. Institutional Pause

Further reinforcing this trend, data from Glassnode highlights the historic scale of this buying pressure. For nearly a week, daily net whale accumulation has surpassed 800,000 ETH. The activity peaked on June 12, when these large wallets absorbed over 871,000 ETH in a single day, marking the largest net inflow for this cohort in 2024. Glassnode analysts have noted that this level of sustained buying from major non-exchange wallets has not been witnessed since the bull market of 2017. This strategic positioning occurs as ETH retreats from highs near $2,700, suggesting these sophisticated investors view the current price levels as a significant value opportunity. However, this on-chain strength is being tested by a slowdown in institutional demand through 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. This reversal broke a 19-day consecutive inflow streak, signaling a potential short-term cooling of institutional appetite.

Technical Outlook: ETH Price at a Critical Juncture

From a technical standpoint, Ether is navigating a precarious position. The price was sharply rejected near the $2,673 level and has since broken below the key psychological support of $2,500. The 24-hour trading range for the ETH/USDT pair has been between $2,476.41 and $2,602.52, indicating significant volatility. The immediate battleground is the support zone between $2,475 and $2,500. A sustained break below this area could trigger further downside, potentially invalidating the bullish implications of the whale accumulation in the near term. Conversely, if this level holds, fortified by the immense buying pressure from large holders, it could serve as a powerful launchpad for a recovery rally. Traders are closely watching the trading volume, which surged to over 237 ETH on the USDT pair, for clues on conviction behind price moves.

The broader market context adds another layer of complexity. The ETH/BTC trading pair has shown relative weakness, falling over 1.8% to around 0.02326 BTC. This suggests that during the recent market dip, capital has favored Bitcoin over Ethereum, a common trend during risk-off periods. For ETH to regain its bullish momentum, it will not only need to reclaim key USD-denominated price levels like $2,550 and $2,600, but also demonstrate renewed strength against Bitcoin. The current scenario presents a classic conflict: powerful on-chain fundamentals are pitted against bearish short-term technicals and a pause in ETF inflows. The resolution of this tension around the $2,500 level will likely dictate Ethereum's price trajectory in the coming weeks.