Ethereum Whales Accumulate $10M as Price Holds $2,400 Support

Ethereum, the second-largest cryptocurrency by market capitalization, has been holding steady around the $2,400 support level, sparking speculation about a potential breakout to $3,000. Recent on-chain activity reveals significant purchases by large investors, known as whales, who accumulated nearly $10 million worth of ETH in a short period. This activity suggests a growing bullish sentiment among investors, despite the cryptocurrency's struggle to surpass the $3,000 resistance level.

The recent whale activity includes SharpLink Gaming's purchase of 1,989 ETH worth approximately $4.82 million and another whale, 0x1fc7, buying 1,888 ETH worth around $4.56 million. These transactions, totaling nearly $10 million, indicate a substantial accumulation of ETH by large investors. Historically, such whale involvement has been seen as a bullish signal, but the Ethereum price has often failed to react immediately to these large purchases.

Despite the increased inflows and whale activity, Ethereum is currently trading at around $2,427 with a market capitalization of $293.06 billion. The cryptocurrency has experienced a week-long consolidation and a nearly 31% decline in the second quarter of 2025, making it challenging to surpass the $3,000 resistance level. However, long-term predictions for Ethereum remain bullish, with many analysts seeing the potential for the cryptocurrency to reach $10,000.

Crypto analyst Ted noted that Ethereum has retested the lower channel once every cycle, similar to the current month. According to his analysis, this retest led to a 400x rally in 2017 and a 50x rally in 2021. He further predicted that even if a 6x rally occurs in this cycle, it could push the ETH price to $10,000. This long-term bullish outlook is supported by the historical pattern formation and high utility of Ethereum, which continue to attract whale investors.

The trajectory of the crypto market is slowly taking a bullish note, and Ethereum's price is eyeing an upside move amid increased whale involvement. On-chain activity also reveals increased inflows in ETH exchange-traded funds, further supporting the bullish sentiment. However, the price remains down at press time, lacking other significant milestones and catalysts beyond inflows. Once the momentum builds, it could hit new highs, potentially breaking the $3,000 resistance level and moving towards the $10,000 mark in the long term.

Ethereum (ETH) is showing resilience as it defends the critical $2,400 support zone, holding firm despite broader market volatility. After dipping over 27% in the past six months, ETH has managed a strong 6% rebound over the last week—an encouraging sign that bullish sentiment may be returning. Currently trading between $2,000 and $2,500, Ethereum is slowly rebuilding momentum, and traders are eyeing the $2,900 resistance level as the next major test.

If ETH can decisively break past this barrier, the path to $3,000 opens—and beyond that, $3,500 could become the next ambitious target. This scenario would mark a significant shift in trend and could reinvigorate confidence across the altcoin space. While its one-month performance still shows a 7% decline, Ethereum’s technical indicators suggest that it may be forming a foundation for a larger move. As the ecosystem continues to evolve, with developments in scaling and DeFi, Ethereum’s current consolidation may simply be the calm before a breakout.

Ethereum’s recent bounce from the $2.4K support zone signals renewed strength, but the path to $3K is still lined with resistance. With a solid technical foundation and growing trader interest, a breakout is possible—especially if broader market sentiment remains favorable. For now, Ethereum holds its ground as a leading force in crypto, with upcoming price moves likely to influence both investor confidence and the performance of key altcoins.