Key Insights:
- A Market whale just acquired $78 Million in Ethereum.
- U.S. spot ETH ETFs reported a $1.49 Million net outflow.
- Long-term holders are accumulating as ETF flows diverge.
Ethereum Market whale has recently acquired $78 Million in ETH. On the other hand, U.S. spot Ethereum exchange-traded funds (ETFs) saw a total net outflow of $1.49 Million on July 2.
The accumulation occurred as the Ethereum price reclaimed key technical levels. On-chain and market data also suggest increasing confidence among long-term holders.
Whale Activity Surges While ETF Outflows Persist
On July 2, one Ethereum whale acquired approximately $78 Million worth of ETH. Blockchain data shows that this address had no prior activity before the sudden inflow. This indicates a new wallet entry in the market.
At the same time, the Ethereum ETF in the U.S. saw a combined net outflow of $1.49 Million. According to SoSoValue, BlackRock’s ETHA recorded the largest withdrawal, with $46.56 Million exiting the fund in a single day.
Fidelity’s FETH led inflows with $25.8 Million, showing strong investor demand. Bitwise, Grayscale, and VanEck also saw positive inflows, totaling over $19 Million combined.
ETH/BTC Breakout Signals Renewed Bullish Momentum for Ethereum Price
Market analyst CryptoMichNL has identified a bullish breakout in the ETH/BTC trading pair. Ethereum price broke above the 0.2374 BTC resistance level after multiple rejections in June.
This area was previously marked as a key level for continuation. ETH is now trading above this threshold, confirming the breakout.
The chart also shows Ethereum breaking a descending trendline that has capped price movement since early June. According to the analyst, this confirms a shift in short-term structure.
The ETH/BTC chart highlights strong support from the “ideal entry zone” and a higher timeframe support band below it. Despite prevailing bearish sentiment, Ethereum recorded a 30% gain against Bitcoin within a few days. This reflects recent price movement.
Supporting this advance, technical indicators such as a rising RSI and increased trading volume suggest continued strength.
Ethereum price must stay above the 0.2374 BTC level to maintain upward momentum. The next major resistance zone is at 0.2401 BTC, which could signal further gains if breached.
ETH/USD Structure Shows Accumulation Phase
Ethereum price has formed a two-month base between $2,200 and $2,700. The price briefly broke below this range in late June but quickly recovered. It’s a move consistent with a Wyckoff “Spring” pattern, often seen in accumulation phases.
After the recovery, ETH price regained its 50-day moving average and 200-day moving average. ATR and Keltner Channel indicators suggest Ethereum is experiencing expanding volatility. If this momentum holds, it could signal an imminent breakout in the price movement.
Since the unsuccessful breakdown, volume has gained further boosting accumulation of interest. Ethereum is rising towards a vital resistance area between 2,700 and 2800. A definite breakout above this region may drive the price impulse towards $3,000.
ETH Price Approaches $2,700 Resistance
At press time, the Ethereum price traded at $2,597 and held above the 20-day moving average. The price is nearing the top of the Bollinger Bands at 2,639, indicating resistance.
The RSI is 57.47, showing positive momentum without being overbought. The volume and Cumulative Volume Delta (CVD) reflect the net buying pressure.
ETH recently bounced off support near $2,284 and reclaimed key levels. If price breaks above $2,640, a push toward the $2,700–$2,800 resistance zone is possible. However, a drop below $2,460 would challenge the current upward structure.
Accumulation Addresses Reach New All-Time High
On-chain metrics also support the bullish narrative. Data from CryptoQuant shows that Ethereum held by accumulation addresses has reached an all-time high of 22.75 million ETH. These addresses are classified as wallets that consistently receive ETH but show little to no spending behavior.
Total accumulation addresses have grown an additional 6 million ETH in June alone, a 36% gain. This surge was accompanied by a time when the price of Ethereum was consolidating.
This indicates that whales were preparing to take advantage of an eventual breakout. The history has revealed that upward price movements closely follow an increase in accumulation.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.