Significant accumulation of Ethereum (ETH) by large investors, often termed ‘whales’, and institutions is fueling market momentum. This activity comes as ETH establishes a support base around the $2,500 price level, suggesting potential for upward price movement.
A notable whale or institutional entity demonstrated strong buying pressure by acquiring over 70,000 ETH within a three-day period. The purchases, executed at an average price near $2,647, utilized approximately 186 million USDC.
Broader institutional interest is also evident. Wallets holding between 1,000 and 100,000 ETH collectively increased their holdings by 1.49 million ETH over the past month. This group now controls nearly 27% of Ethereum’s circulating supply.
This accumulation trend persists despite recent net outflows from spot Ethereum ETFs, totaling $2.1 million. The dynamic between institutional engagement, portfolio rebalancing, and ETF flows remains a key factor influencing the market.
Market analysts observe that this substantial whale buying is reinforcing a crucial support zone around $2,500. Resistance is anticipated in the $2,740 to $2,800 range.
A potential catalyst for breaking through this resistance could be a resurgence of inflows into spot Ethereum ETFs. Consequently, investors are closely monitoring both whale accumulation patterns and ETF flow data for signals of the next significant price move.