Ethereum Surges Above $2,450 as Whale Accumulation and Low Exchange Supply Fuel Bullish Momentum

Ethereum is currently exhibiting a bullish market structure that closely mirrors its 2016–2017 cycle, with the cryptocurrency trading above $2,450. This pattern is supported by strong whale accumulation and a declining exchange supply, which reduces potential sell pressure. Significant on-chain activity reveals that whales have acquired nearly $10 million in ETH, while exchange balances have hit multi-year lows. According to sources, Ethereum’s Relative Strength Index (RSI) is rising above key moving averages, signaling early momentum and the potential for substantial upside.

Ethereum’s price action above $2,450, combined with whale accumulation and low exchange supply, signals a bullish pattern echoing its historic 2016–2017 rally. Market analyst Merlijn The Trader highlights that Ethereum has established a long-term consolidation phase characterized by rising volume and sustained support above the 200-week moving average. This technical setup historically preceded a dramatic price surge, with Ethereum climbing from $10 to over $1,000 during that cycle. Today, ETH is trading at $2,453.13, maintaining a position above critical moving averages, which reinforces the bullish outlook. The Relative Strength Index (RSI) on higher timeframes is also trending upward from neutral levels, suggesting that momentum is building in the early stages of this cycle. Despite a decrease in trading volume, the price resilience indicates strong underlying demand and a robust market structure.

On-chain metrics reveal that large holders, or whales, are actively accumulating Ethereum, a key indicator of confidence in the asset’s near-term prospects. Data shows that entities such as SharpLink Gaming and wallet 0x1fc7 have collectively purchased close to $10 million worth of ETH within a short timeframe. This accumulation coincides with a significant drop in ETH balances on exchanges. Lower exchange supply typically reduces selling pressure, creating a favorable environment for price appreciation. Crypto analyst Ted points out that Ethereum’s historical cycles often involve retesting critical support levels before launching into major expansions, with the 2021 cycle delivering gains of up to 50x. Supporting this view, Crypto Gems notes that Ethereum’s current structure is nearly identical to 2017’s, forecasting a potential breakthrough above $5,000 in the near future.

The convergence of technical indicators, whale activity, and reduced exchange supply is fostering a positive market sentiment around Ethereum. Investors are encouraged to monitor key support levels and volume trends as the asset navigates this critical phase. The sustained accumulation by large holders suggests confidence in Ethereum’s long-term value proposition, underpinned by broader adoption and network upgrades. While volatility remains inherent in crypto markets, the current structural signals point toward a sustained upward trajectory. Traders and investors should consider these factors when assessing entry points and risk management strategies.

Ethereum’s price action above $2,450, combined with whale accumulation and historically significant technical patterns, underscores a bullish market environment. The declining exchange supply reduces selling pressure, while rising RSI and support above the 200-week moving average indicate strengthening momentum. These factors collectively suggest that Ethereum is positioned for potential substantial gains, echoing its previous bull market cycles. Investors should remain attentive to on-chain data and technical signals to capitalize on emerging opportunities within this evolving market landscape.