Ethereum Whales Accumulate 188,000 ETH as Prices Stabilize Above $2,400

Ethereum whales have been aggressively accumulating the cryptocurrency, with over 188,000 ETH acquired as prices reached their lowest point. This significant accumulation signals strong institutional confidence and potential upward momentum for Ethereum. The trend of accumulation has been particularly pronounced in June, with a record 600,000 accumulator addresses absorbing ETH, indicating a brewing supply shock as prices stabilized above $2,400.

SharpLink Gaming, a prominent player in the crypto space, deposited 2,993 ETH, worth $7.28 million, into Coinbase Prime. This move follows the firm's acquisition of 188,478 ETH at an average price of $2,513, totaling $473.6 million. This latest transaction underscores renewed whale activity and confidence in Ethereum’s price outlook. Analyst Mister Crypto claims that ETH has bottomed, suggesting a potential massive upside is imminent.

The price action of ETH has revealed several distinct phases since late April. Initially, the price started near $1,840, with alternating candlesticks indicating choppy sentiment. From May to June, Ethereum consolidated between $2,315 and $2,705, with buyers and sellers showing no clear dominance. However, late June saw a breakout above $2,700, with high volume confirming bullish sentiment. The price surged until peaking at $2,940 in early July. The rally was short-lived, as strong selling pressure drove ETH down by nearly $700, creating a sharp correction and indicating profit-taking. The current price range shows signs of stabilization, suggesting that Ethereum may be preparing for a new directional move.

Ethereum accumulator address data presents a compelling long-term accumulation trend. From July 2024 to June 2025, Ethereum fell from $3,600 to $1,200. However, professional accumulators remained active. December 2024 saw inflows hit 200,000 addresses as ETH traded around $2,400. June 2025 had an all-time high in accumulator activity, with over 600,000 addresses absorbing ETH between $1,800 and $2,000. This surge reflects increased confidence among long-term holders, with retail interest staying low but institutional players dominating the accumulation wave.

Whale accumulation and reduced market supply signal a potential supply shock. Merlijn The Trader notes that whales are buying ETH aggressively, similar to early 2020 patterns. The current conditions mimic past bull market precursors. Additionally, the price has started recovering, with Ethereum now trading above $2,400, aligning with the intense June buying phase. If accumulation continues, the stage is set for a major price rally. Consequently, investors anticipate a bullish breakout as institutional wallets absorb supply.