Ethereum Network Activity and Whales’ Hoarding Highlight Bullish Trend Despite Limited Price Range
Ethereum [ETH] has recently seen steady growth in new weekly address creation, ranging from 800K to 1 million since mid-May – Up from 560K–670K during the same period last year.
With ETH trading in a tight range around $2,500, the surge in new wallets could indicate that the network’s fundamentals are strengthening rapidly.
Increased user engagement often signals deeper utility adoption, especially when the number of new wallets increases in tandem with stable price action.
This opens up the possibility for Ethereum to grow its network more robustly, creating a foundation for buying demand and supporting long-term value.
Source: Santiment/X
Are the whales quietly returning to hoard ETH?
The net inflows of large sharks have reversed sharply over the past week, increasing more than 74,000% after weeks of weak activity.
This rally follows a prolonged period of negative capital flows, which could signal distribution or position adjustment.
This new net trend suggests that the whales may be gaining confidence. This is also consistent with the stable price maintenance, reflecting an active hoarding strategy.
As this trend continues, it is likely to lead to a shortage of supply, creating further upward pressure on prices. Therefore, the current whale hoarding actions could signal an upcoming bull run.
Source: IntoTheBlock
Can ETH Price Break Out of Current Accumulation Pattern?
ETH is still fluctuating in a range of $2,396 to $2,833, following an ascending triangle pattern.
Despite repeated attempts, the bulls have yet to break above the $2,833 resistance level, while the bears have yet to break above the $2,396 support level.
This pressure causes prices to consolidate, reflecting indecision, but sometimes this very situation is a signal of an upcoming breakout.
The Stochastic RSI is currently low, indicating a possible reversal as buying pressure increases. Until there is a clear breakout, prices may continue to fluctuate within this narrow range, but increasingly strong fundamentals could change the picture soon.
Source: TradingView
Shift from Short-Term Sentiment to Long-Term Value of ETH?
Short-term ETH holder activity as measured by the Realized Cap HODL Waves indicator has declined after weeks of spikes, suggesting that short-term investors may be taking profits or exiting the market.
Meanwhile, ETH’s Stock-to-Flow ratio spiked to 43.2 – its highest in several months – reflecting the deflation of new supply due to slowing issuance.
The combination of bearish short-term sentiment and bullish long-term value indicators could pave the way for ETH to move towards more sustainable accumulation.
If long-term demand sustains, ETH is likely to surpass the current price level, moving into a further positive accumulation phase.
Source: Santiment
Could Ethereum Be Preparing to Break Above $2,800?
With these factors in place, ETH’s on-chain strength is becoming increasingly apparent. The rise in new wallets, whales returning to hoarding, and scarcity metrics like Stock-to-Flow all suggest that the fundamentals are building for an upcoming bull run.
While the price remains range-bound, increased network activity and declining momentum from short-term investors could tip the balance in the coming days. If the uptrend continues, ETH could well surpass $2,800.
Source: https://tintucbitcoin.com/ethereum-tang-gia-nho-tang-truong-va-han-che-cung/
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