Ethereum is currently experiencing a price squeeze between $2,681 and $2,476. While price movements struggle to break out of this range, increasing investor interest signals a possible rise.

The number of newly opened Ethereum wallets reaching 1 million weekly shows strong investor confidence. This increase supports positive expectations that ETH could gain value in the short term.

Whale activity is also gaining momentum. Investors holding large amounts of ETH continue to increase their assets. If Ethereum can close above the $2,681 level, this could be the beginning of a price recovery.

The price of Ethereum has been fluctuating between $2,476 and $2,681 for a while, and although there have been several attempts to break out of these levels, a permanent breakout has not yet occurred. This situation causes uncertainty among investors.

However, interest in Ethereum is not decreasing. The rapid increase in the number of new wallet openings shows that market participants have high confidence in ETH. Since mid-May, the weekly number of new wallets has risen from 800,000 to 1 million. This figure is significantly higher than the range of 560,000–670,000 during the same period last year and indicates that investors expect to profit from ETH.

On the other hand, there is also a noticeable increase in whale activities. Addresses holding between 1,000 and 10,000 ETH have reached a total of 14.3 million ETH, controlling about 18.6% of the circulating supply. This is seen as an indicator of large investors' confidence in Ethereum's long-term potential. Accumulation by whales is often considered a leading sign of price increases because they have a strong influence on price.

Currently, Ethereum is trading at $2,564 and is stuck in a narrow price range between $2,476 and $2,681. To break out of this narrow range, the resistance above $2,606 needs to be broken, followed by a breakout above the $2,681 level. If this happens, the ETH price could start a strong upward movement and the chance of seeing new peaks increases.

However, if market conditions do not meet investors' expectations, the price may continue to stay within this range. A decline below $2,476, in particular, could strengthen the downtrend and cause ETH to drop to lower levels. In such a case, the bullish scenario may be delayed or weakened.


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