Ethereum News Today: Ethereum Whales Accumulate $540 Million in Two Weeks Amid Bullish Sentiment

In a span of less than two weeks, three Ethereum whales have accumulated over 174,000 ETH, valued at nearly $540 million, indicating a significant institutional interest in the cryptocurrency. One address alone acquired 68,141 ETH, worth approximately $213.8 million, through FalconX, while two other addresses added over 106,000 ETH from Kraken. These substantial transactions suggest growing confidence in Ethereum despite recent market uncertainties. At the time of reporting, Ethereum was trading near $3,100, just below a crucial resistance level.

This aggressive buying spree, particularly from entities with substantial financial resources, implies a potential positioning for a significant price shift in the coming sessions. The accumulation of Ethereum by whales could be a strategic move to capitalize on future price increases, reflecting a bullish sentiment among large investors.

Ethereum’s Network Value to Transactions (NVT) ratio has surged to 194, the highest level this year. This ratio compares the market capitalization of Ethereum to its transaction volume. Such elevated readings may indicate slower network activity despite rising prices, suggesting possible overvaluation. Historically, steep NVT spikes have preceded either consolidation or price pullbacks. Therefore, while investor confidence remains high, the disconnect between price and utility raises caution. This divergence could stall further upside unless on-chain activity strengthens to support Ethereum’s valuation.

The 1–7 day realized cap HODL wave climbed to 2.69%, marking a sharp recovery after previous weeks of decline. This metric tracks short-term holders actively moving coins, often tied to speculative activity or quick profit-taking. The rebound suggests renewed short-term market interest, especially following whale accumulation and rising prices. Therefore, if this trend continues, Ethereum may experience heightened volatility as traders react to short-term price swings. This shift adds another layer of complexity to Ethereum’s current market dynamics.

Ethereum’s Stock-to-Flow Ratio has also exploded to 592, the highest reading in recent memory. This sharp rise reflects a perceived supply squeeze, as circulating ETH becomes scarcer relative to issuance. Such conditions often drive bullish narratives, especially when paired with accumulation from whales. While the Stock-to-Flow Ratio remains a long-term valuation tool, this abnormal surge may reinforce market confidence. However, if demand weakens or holders take profits, the market could face swift reversals. Hence, close monitoring of demand metrics remains essential.

Binance’s ETH/USDT liquidation heatmap shows dense clusters between $3,100 and $3,200, suggesting strong short positions and potential price traps. Ethereum’s recent push toward this zone has sparked liquidations and could fuel more upside if bulls maintain pressure. However, a failure to flip these levels into support might trigger cascading liquidations on the downside. Therefore, this price zone acts as a battleground where leverage and momentum will decide the next major move. The outcome could shift Ethereum’s near-term trajectory significantly.

Ethereum could sustain its momentum if bullish demand remains strong and on-chain activity improves. Whale accumulation and soaring stock-to-flow suggest confidence and scarcity, supporting a bullish thesis. However, the elevated NVT ratio and resistance around $3,200 raise caution about a potential reversal. Therefore, Ethereum’s next move depends on whether buyers can break through resistance with volume-backed momentum or if overvaluation concerns trigger a pullback.