“`html

Ethereum is displaying renewed strength as large-scale investors, also known as whales and sharks, increase their activity in the market. Currently trading at $2,575, Ethereum has risen by 1.5% in the past 24 hours. Over the past week, the cryptocurrency’s price has fluctuated between $2,473 and $2,869, even as global financial markets remain uncertain due to geopolitical tensions.

Trading Activity Surges

Ethereum’s trading activity has seen a notable uptick in recent days. Daily spot trading volume jumped over 32% to $14.27 billion in the past 24 hours. Meanwhile, futures trading volume climbed by 26.46%, reaching $53.09 billion, according to recent data. Open interest in ETH futures, which reflects the total value of outstanding contracts, increased by 1.20% to $35.13 billion. These figures indicate rising trader interest and suggest that many are anticipating a significant price movement.

On-Chain Data Highlights Whale Accumulation

On-chain metrics reveal growing interest from larger investors. Wallets holding between 1,000 and 100,000 ETH have collectively added 1.49 million Ethereum to their holdings over the past month. These wallets now account for 26.98% of the total ETH supply, signaling a steady accumulation trend by whales and sharks. Conversely, smaller holders appear to be taking profits, underscoring a redistribution of ETH from retail investors to institutional or high-net-worth individuals.

Institutional Demand Remains Strong

Institutional interest in Ethereum continues to grow, with companies such as BlackRock leading the charge. BlackRock’s iShares Ethereum Trust has acquired over 1.5 million ETH, valued at approximately $4 billion. Between June 3 and June 6 alone, the firm added nearly $240 million worth of Ethereum. So far this month, BlackRock has invested over $500 million in ETH. Other major players, including Cumberland and Galaxy Digital, are also expanding their Ethereum holdings, further signaling robust institutional demand.

Technical Analysis: Price Poised for a Breakout?

From a technical perspective, Ethereum is currently trading just below its 20-day moving average and within a narrowing price range. Bollinger Bands are starting to compress, which often precedes a breakout. The Relative Strength Index (RSI) is neutral at 52, but increasing volume and whale activity could provide the momentum needed for an upward move.

Momentum indicators, such as the 10-period momentum and the Moving Average Convergence Divergence (MACD), appear to be stabilizing. If the MACD line crosses above the signal line in upcoming sessions, it could signal a bullish shift in momentum.

Key Levels to Watch

  • Resistance: The next significant resistance zone lies around $2,870. A sustained move above $2,600, supported by strong volume, could pave the way toward $3,000.
  • Support: On the downside, if Ethereum fails to hold its 20-day average, a retest of the lower Bollinger Band near $2,400 may occur.

Traders and investors should monitor these levels closely as Ethereum’s price action could signal the next major trend in the cryptocurrency market.

“`

Post Views: 0