Ethereum mega whales have substantially increased their holdings, adding 9.31% more ETH since October 2024 and reversing previous declines to surpass 41 million ETH in cumulative holdings. This accumulation pattern historically signals significant price movements, mirroring whale behavior before ETH’s previous surge from $460 to $1,220.
Technical analysis reveals Ethereum consolidating within a bull pennant formation, suggesting a potential 30% upside. A successful breakout could propel ETH toward the $3,400 price target by August, based on current chart projections.
Strong market support exists between $2,500 and $2,536, with over 3.45 million ETH held by long-term investors in this range. Mega whale accumulation is now occurring at nearly twice the pace observed before ETH’s 2022 rally, indicating unusually strong institutional confidence in Ethereum’s trajectory.