Ethereum Whales Return to Binance Amid 0.38% Daily Loss

Ethereum's price has been fluctuating between $2,400 and $2,700, with no significant breakout despite heavy buying pressure. This price range has been maintained despite the return of whale activity on Binance, which has been a notable development in the market.

Whale activity on Binance, as indicated by the Average Order Size, has spiked for the first time since December 2023. This metric is significant as it suggests that large entities are positioning themselves early in the market, indicating growing confidence in Ethereum's potential for a macro trend. The return of whale activity is particularly notable as it coincides with a period of stagnant prices, suggesting that large buyers are returning to the fold.

In addition to whale activity, smaller investors are also joining the momentum. Spot market activity showed a Cumulative Volume Delta of +6.35K ETH, with buyers scooping up 57.3K ETH, firmly dominating sellers. This buying pressure from large holders has also led to a significant decline in Ethereum Exchange Inflows, with Exchange Netflow holding within negative over the past few days. A negative netflow implies that outflows are outpacing inflows, reflecting significant accumulation.

Despite the return of whale activity and the buying pressure from smaller investors, Ethereum's price has not yet seen a significant breakout. As of the latest reports, Ethereum traded at $2,512, down 0.38% on the day, extending a four-day slide. This suggests that selling pressure still lingers in the market, and Ethereum is experiencing a strong battle between bulls and bears.

The current consolidation between $2,400 and $2,700 shows that the market is locked in a tug-of-war. Whale buys are absorbing exits, but not breaking resistance. Therefore, until Ethereum buyers manage not only to absorb the selling pressure but also to outpace it, the market will remain stuck within this range. If buyers can outpace sellers, a breakout above $2,700 will emerge, potentially signaling a bullish trend for Ethereum in the coming months.