Ethereum Whales Accumulate 1.1 Million ETH Amid Price Pressure

In the past 48 hours, Ethereum whales have acquired 1.10 million ETH, which has sparked speculation about a potential market breakout. This significant accumulation represents nearly 0.92% of the total circulating supply of Ethereum, which stands at 120 million ETH. Despite this large-scale buying, Ethereum's price remains under pressure, trading at $2,195. This divergence between whale activity and price action has led to debates about whether whales are betting on a long-term price surge or simply positioning themselves strategically amidst market volatility.

Historically, large-scale whale accumulation has often preceded major price movements. For instance, in January 2025, whales purchased 330,000 ETH in a single week, which drove a temporary rally. However, the current market sentiment remains cautious, with Ethereum struggling to break key resistance levels. Technical indicators also support a bearish outlook, with the Relative Strength Index (RSI) at 37, nearing oversold territory, and a bearish crossover in the MACD, signaling weak buying pressure. Ethereum must break through the $2,228 level to regain bullish momentum.

If Ethereum fails to hold above $2,000, a retest of $1,989 or even $1,864 could follow. On the upside, ETH needs to clear $2,393 to invalidate the downtrend. Ethereum's price action coincides with key developments in the crypto industry. On March 2, 2025, the creation of a U.S. Strategic Crypto Reserve, which includes Ethereum, initially fueled optimism. However, market sentiment cooled after it was revealed that the reserve would only hold seized crypto assets, not new acquisitions. Additionally, the White House Crypto Summit on March 7, 2025, sparked discussions about potential Ethereum ETF approvals, adding another layer of speculation. Ethereum currently dominates the stablecoin market with a 56% share, reinforcing its long-term value proposition despite short-term uncertainty.