ETH Whales Accumulate 70,000 ETH at $2,647 Average Price

Bitunix analysts have identified a clear trend of ETH whales accumulating the cryptocurrency at lower levels. Over the past three days, a significant whale or institutional investor purchased over 70,000 ETH at an average price of $2,647 using 186 million USDC, and still holds 150 million USDC. Additionally, an address suspected to be linked with ConsenSys accumulated 5,463 ETH in an over-the-counter (OTC) transaction, indicating increased multi-directional momentum in the market.

Addresses holding between 1,000 and 100,000 ETH have net accumulated 1.49 million ETH over the past 30 days, representing 26.98% of the total supply. This accumulation suggests a strong underlying support for ETH prices, particularly around the $2,500 level. According to the analyst's forecast, once the price stabilizes around this base, ETH is expected to challenge the $2,740–2,800 range. If ETF funds return to the market, it could provide the necessary momentum for ETH to breach the $2,800 resistance level.

Despite a net outflow of $2.1 million from spot ETFs yesterday, breaking a 13-day inflow streak, institutional observation and rebalancing remain critical points to watch. Investors are advised to position themselves after a pullback and stabilization in the market, while closely tracking whale movements and ETF fund flows. The concentration of holdings and the potential return of ETF funds could provide a significant boost to ETH prices in the short term.