Ethereum whale holdings surge but prices do not rise? Selling pressure offsets bullish momentum

On-chain data shows that the number of whale addresses holding 1,000 to 10,000 ETH continues to rise, yet the coin price hovers around the $2,500 mark. This divergence of "whales accumulating + stagnant coin prices" reflects the subtle balance of market forces:

Behind the whale accumulation: institutions and large investors are continuously positioning, but the holding period is extended, and no concentrated buying action has formed.

Selling pressure emerges: the outflow and inflow of ETH on exchanges are increasing simultaneously, with retail and small to medium investors taking advantage of the rebound to sell off.

From a technical perspective, ETH faces multiple resistances at $2,500: suppression from the 50-week EMA, RSI indicator divergence, and neutral funding rates in the derivatives market. In this bull market, ETH's price increase lags behind BTC and some Layer 1 tokens, and the ecological narrative (such as the Cancun upgrade and staking economy) has yet to translate into price drivers, leading to a divergence in investor confidence.

Market reminder: The growth of whale holdings is a medium to long-term bullish signal, but in the short term, attention should be paid to the breakout situation at the $2,800 resistance level. If trading volume cannot expand, the consolidation phase may continue.