Ethereum Whales Accumulate as Rally Faces Resistance

Key Notes

• ETH is struggling below its 50-week EMA, a historical launchpad for rallies averaging 58%.
• Key whales have bought over 96,000 ETH (~$250M) in the past week alone, signalling confidence.
• With over 35 million ETH staked and accumulation wallets hitting all-time highs, the ETH liquid supply is shrinking.

Ethereum

ETH $2 541

24h volatility: 1.7%

Market cap: $306.55 B

Vol. 24h: $22.32 B

is under intense investors’ scrutiny this week as it struggles to reclaim the $3,000 price level despite whale accumulation and bullish long-term fundamentals.

Trading at $2,533.31 at press time, ETH is down nearly 2% in the past 24 hours and about 10% over the last week, showing clear signs of hesitation just below a significant breakout level.

The 50-Week EMA: ETH’s $4K Launchpad?

According to crypto analyst İbrahim COŞAR, the 50-week exponential moving average (EMA) is the key hurdle holding Ethereum back. Historically, breaking above this level has triggered rallies between 25% and 135%, with an average gain of 58%.

If history repeats, such a breakout could catapult ETH toward the $4,000 mark, an area that also aligns with the upper trendline of the bullish flag formation visible on the weekly chart.

Related article: ETH Outperformed BTC: But Is Ethereum Price Crash Coming?A multi-year bullish flag consolidation structure, with the lower support trendline dating back to early 2022 has reignited bullish hopes for Ethereum backers.

The Fib retracement from the $1,397 low to the $4,867 high shows ETH currently hovering around the 0.5–0.618 Fib zone ($2,276–$2,683), a classic accumulation zone in bullish market structures.

ETH Weekly Chart | Source: TradingView

RSI (Relative Strength Index) on the weekly chart hovers around 51.97, indicating a neutral stance with room for bullish momentum.

On the other hand, the MACD (Moving Average Convergence Divergence) is beginning to turn bullish, although still slightly indecisive, with the histogram starting to fade bearish momentum.

Whale Accumulation Accelerates

Smart money is clearly betting on ETH. According to on-chain data from Lookonchain, Whale 0xd8d0, who has already profited over $30 million on ETH trades, bought 15,000 ETH for $37.15 million at $2,477.

Over the last week, this whale has purchased 85,465 ETH (worth $221 million) at an average of $2,584. Another address, 0xf680, acquired 11,500 ETH ($29 million) over the past four days.

Supply Crunch: Staking and Accumulation Hit New Highs

More than 35 million ETH are now staked on the Ethereum network, representing over 28.3% of total supply.

With over 500,000 ETH staked in just the first half of June, and accumulation addresses (those with zero selling history) holding an all-time high of 22.8 million ETH, it’s clear that long-term investors are doubling down.

Fibonacci extensions suggest potential targets at $5,817 (1.618 Fib) and even $8,549 (2.618 Fib) in an extended bull scenario.

However, failure to break above the 50-week EMA ($2,650–$2,700) could lead to a retest of the lower trendline support near $2,000–$2,050. This would align with the 0.786 Fib level and past reaction zones.

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