Ethereum Surges 14.6% Weekly, Whale Activity Drives Price Rally

Ethereum's price surged close to the $3,000 mark on June 12, marking a 14.6% weekly gain. This rally followed a breakout from a month-long consolidation phase, indicating renewed investor interest. The number of new Ethereum addresses hit a four-month high, suggesting increased market adoption. However, long-term holders (LTHs) continued to sell into strength, with key resistance now standing at $2,814. The rise in Ethereum's price was also supported by a bullish technical pattern and increasing optimism driven by cooling inflation and possible U.S. rate cuts.

On June 11, an Ethereum whale placed a $11.15 million long position using 25x leverage at $2,758.35. This move coincided with increasing optimism driven by inflation cooling and possible U.S. rate cuts. Whale accumulation and bullish technical patterns now fuel the ongoing Ethereum price rally. The ETH rally pushed the whale’s unrealized profits to around $366,600. Meanwhile, Ethereum options data turned increasingly bullish, with a sharp drop in the 25-delta skew. The one-week skew dropped to -7.0% from -2.4%, while the one-month skew fell to -6.1% from -5.6%. These changes indicate rising demand for short-dated call options. Ethereum also formed a bullish flag pattern, confirmed by a breakout and rising volume. Technical projections now point to a potential 30% price rally, with targets near $3,670 by June-end.

On June 9, large whale activity on Binance was revealed after a period of quiet. A netflow of +108,000 ETH among large holders was confirmed, indicating whale conviction behind the ETH rally. The Exchange Netflow turned negative, showing more ETH moving off exchanges into private wallets. This trend supports the theory of ongoing accumulation. Average Order Size also increased, reflecting confidence from large players. Spot market data showed smaller buyers joining in. A cumulative volume delta of +6,350 ETH accompanied the acquisition of 57,300 ETH. Despite price consolidation, accumulation signals continue to strengthen Ethereum’s long-term outlook.

On June 11, Abraxas Capital reportedly purchased $36.86 million worth of Ethereum, increasing total ETH holdings to $436.49 million. This move followed prior whale accumulations on June 9, when Ethereum traded between $2,400 and $2,700. Technical indicators suggest Ethereum trades below the 50-SMA and 200-SMA, currently near $2,250 and $2,300. Despite that, continued buying pressure could break the $2,700 resistance. If successful, a sustained ETH rally remains likely. Historical reaccumulation phases often precede breakouts. However, resistance around $2,700 continues to test upward momentum. A breach could validate bullish setups, including the 30% rally potential identified through the bull flag breakout.

Ethereum’s price action signals growing confidence, supported by whale accumulation, rising retail activity, and a bullish technical setup. As of June 12, key resistance at $2,814 remains the next barrier. Short-term traders appear positioned for gains, with a skew toward bullish call options. If ETH sustains momentum past $2,814, a 30% climb to $3,670 by month-end becomes plausible. Institutional entries, macroeconomic support, and on-chain accumulation now drive Ethereum’s bullish narrative. The ETH rally continues to build, with $3,000 within striking distance as June progresses.