- Ethereum whales scooped up over 1.49 million ETH over the last 30 days.
- Binance records 100k ETH worth $250 million in inflow, signaling aggressive selling activity.
Ethereum [ETH] hovered between $2.4K and $2.5K over the past two weeks, struggling to break out after last month’s drop from $2.8K to $2.1K.
This continued price stagnation sparked diverging reactions across the board, from whales accumulating to other investors aggressively closing positions.
Whales scoop up ETH on the quiet
While Ethereum has failed to record significant gains over the past month, whales took the opportunity to accumulate.
Source: CryptoQuant
Large holders have accumulated 1.49 million ETH over the past month, raising their total balance by 3.72%. In fact, this wasn’t just a one-off, either.
On the 1st of July, whale purchases hit 704K ETH, outpacing the 585K ETH sold, leading to a jump in Large Holders’ Netflow from 9.8K to 119.3K.
Source: IntoTheBlock
Naturally, this kind of net inflow signals accumulation. When whales buy more than they sell, it often means they’re positioning ahead of a move.
But wait!
Surprisingly, while whales are aggressively accumulating other players, including institutions and small-scale investors, are selling.
Take the Ethereum Foundation, for example. As reported by Lookonchain, the organization has been transferring 1,000 ETH worth $2.46 million daily to Multisig.
So far, they have offloaded a whopping total of 13k ETH worth $32 million.
This divergence raises a key question: Is this just profit-taking or a cautious shift?
Retail is sending ETH to exchanges
Source: CryptoQuant
On top of that, CryptoQuant data showed a significant spike in Ethereum’s Exchange Inflows. Binance alone saw 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. Historically, such movements precede short-term price declines, especially if accompanied by low capital inflow.
The two conflicting paths for Ethereum
As observed above, while whales accumulate, other market players are selling. This accumulation provided a strong support floor, contrasting with small-scale investors who have been taking profit.
This tug-of-war has pushed Ethereum into a state of indecision.
Source: TradingView
The altcoin’s RSI Divergence Indicator hovered around 48.62 at press time.
At these levels, this momentum indicator suggested that markets are in a cool-down period, waiting for the next catalyst.
Therefore, the next move depends on who finishes the battle strongly between the accumulating addresses and the profit takers.
If buyers continue while sellers exhaust, the altcoin will reclaim $2548 and eye a breakout to $2.7k.
However, if sellers outweigh buyers, Ethereum could decline to $2,372, breaching the lower boundary of the consolidation.
Credit: Source link