Ethereum Whales Accumulate 3.72% More ETH Amid Market Indecision

Ethereum has been trading in a narrow range between $2,400 and $2,500 over the past two weeks, following a significant drop from $2,800 to $2,100 last month. This price stagnation has led to divergent strategies among market participants, with some whales accumulating large amounts of ETH while others, including institutions and small-scale investors, are selling their holdings.

Whales have been actively accumulating ETH, with large holders scooping up over 1.49 million ETH in the past 30 days, increasing their total balance by 3.72%. On July 1st, whale purchases reached 704K ETH, surpassing the 585K ETH sold, resulting in a significant jump in Large Holders’ Netflow from 9.8K to 119.3K. This net inflow is a clear indication of accumulation, as whales are positioning themselves ahead of a potential price move.

However, other market participants are taking a different approach. The Ethereum Foundation, for instance, has been transferring 1,000 ETH worth $2.46 million daily to Multisig, totaling 13k ETH worth $32 million so far. This selling activity raises questions about whether it is profit-taking or a more cautious shift in strategy.

Additionally, there has been a significant spike in Ethereum’s Exchange Inflows, with Binance alone seeing 100K ETH worth $250 million enter its reserves in a single day. Large Exchange Inflows typically suggest an increase in Ethereum reserves held on exchanges and have historically preceded short-term price declines, especially when accompanied by low capital inflow.

This tug-of-war between accumulating whales and profit-taking sellers has pushed Ethereum into a state of indecision. The altcoin’s RSI Divergence Indicator is currently around 48.62, suggesting that the market is in a cool-down period, waiting for the next catalyst. The next move for Ethereum will depend on which side—buyers or sellers—exerts more influence.

If buyers continue to accumulate while sellers exhaust their positions, Ethereum could reclaim $2,548 and potentially break out to $2,700. Conversely, if sellers outweigh buyers, Ethereum could decline to $2,372, breaching the lower boundary of the consolidation range. The outcome will hinge on the balance of power between these two opposing forces in the market.