Ethereum is witnessing the most intense whale purchases in the last seven years. This development has led to an increase in questions among investors such as 'Will the Ethereum price rise?' and 'What will be the future of Ethereum?'
According to Glassnode data, wallets holding between 1,000 and 10,000 ETH purchased more than 871,000 ETH on June 12. This number was recorded as the highest daily ETH purchase in history.
Daily purchases also reached 800,000 ETH last week, and the total ETH holdings of these wallets exceeded 14.3 million.
Coordinated purchases by large investors are considered a strong indication of long-term confidence in Ethereum.
Purchases of Ethereum Whales are Gaining Momentum
There has also been a significant increase in the amount of ETH under the control of whales.
Although the ETH price has been stagnant recently, the movement in wallets suggests that institutional or high-net-worth investors are positioning themselves with the expectation of an upcoming price increase. Graphs published by Glassnode show that whale addresses continue to grow. This indicates that despite the calmness in price movements, major players are making purchases.
Historical data indicates that significant price jumps are usually observed after periods of intense whale purchases.
Additionally, in the second week of June, there was a 313.5% increase in whale transactions on the Ethereum Name Service (ENS) and a 203.8% increase in Ethereum-based lending protocols.
There is also increased activity in Layer 2 solutions. USDC transfers on Arbitrum and Optimism platforms have tripled.
Fluctuations in Corporate Strategies
Some companies making institutional investments related to Ethereum are going through a tough process. For example, SharpLink Gaming applied to resell a large number of its shares in recent weeks; following this development, the company's share value declined by 73%.
The company recently announced plans to purchase ETH with a portion of its $1 billion revenue.
ETH Price is Weak
Ethereum is struggling to break the resistance level around $2,700 and is currently trading at approximately $2,488. It has lost 5.6% in value in the last 24 hours.
Although Ethereum's on-chain data gives positive signals, the short-term technical outlook is complex and uncertain.
While the overall market volatility continues, ETH has lost 8.9% in the last week and 3.4% in the last month.
Although the accumulation by whales is considered a positive indicator, it seems that a cautious approach is necessary for Ethereum in its current state. To enter a new upward trend, it needs to break the resistance level of $2,600.
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