This significant accumulation coincides with trading prices below 2500 USD, an area considered the cyclical bottom in history.
On-chain data also recorded a whale wallet that has been inactive for over 1.2 years has finally become active again.
This large wallet has withdrawn 1051 ETH, equivalent to about 2.58 million USD, from the Binance exchange to a cold wallet, according to information from Onchain Lens.
Along with the buying pressure, staking is also increasing.
The staking rate of ETH reached a new high of 29.02% on June 25. This reflects confidence while also contributing to the reduction of circulating supply, as ETH is temporarily locked.
The increase in staking and large purchases reduces the circulating supply, which may tighten the market structure of ETH, at least in the short term, thus supporting the price.
In addition to reducing supply, ETH has also returned to the price range from 1550 to 2500 USD, the area that has defined macro bottoms in all previous cycles.
History shows that the times ETH hit this area in 2017, 2019, 2020, and 2021 were all followed by strong price increases. The year 2025 may repeat this pattern.
Every time the price hits this area on the rise, it often pulls back to test the area before breaking out. Currently, ETH is trading around 2500 USD, will history repeat itself.
If history repeats itself, ETH has the potential to rise to the range of 4000 to 5000 USD.
However, the price increase requires continuous movement. If the 2500 USD level cannot be maintained, the price is likely to drop to the green support area around 1700 USD.
The price range from 2460 to 2750 USD is considered the breakout area.
Another matching point is that idol Nath99 has opened a Long position #Eth.
Let me quote Nath99.
If #BTC is the king.
Then #ETH is the Queen.