Ethereum Whales Accumulate

• Ethereum whales accumulated almost 1 million ETH in a single day, marking the largest daily acquisition since 2018.
• Exchange reserves are at multi-year lows, leading to increased staking and long-term holdings.
• A breakthrough above $2,700 could indicate a rally towards $4,000; conversely, a rejection might lead ETH back to $2,000.

On-chain data reveals that Ethereum whales withdrew nearly 1 million ETH in one day, the highest daily purchase since 2018. This surge comes amidst growing investor confidence despite prevailing market uncertainties.

> Whales bought nearly 1,000,000 $ETH in ONE DAY
> The LARGEST daily buy since 2018 🚨
> — Quinten | 048.eth (@QuintenFrancois) June 18, 2025

As it stands, Ethereum’s price has dipped by 2% to $2,533, following a 10% correction over the week. Nevertheless, this substantial whale accumulation suggests a potential market revival.

According to Glassnode, there’s a notable increase in ETH holdings among addresses with 1,000 to 10,000 ETH, totaling about 14 million ETH, breaking multi-year losing trends.

This spike coincides with a massive uptick in staking, with more than 35 million ETH currently locked, which accounts for 28.3% of total supply. June alone saw over 500,000 ETH staked.

Supply Decreases as Long-Term Holders Increase

Ethereum reserves on centralized exchanges have dropped to 18.7 million ETH, the lowest in years. Current data from CryptoQuant reflects a steady trend toward long-term holdings, with exchange netflows remaining negative and indicating greater outflows than inflows.

Addresses with a history of not selling now control a record 22.8 million ETH. This trend, combined with heightened staking and whale acquisitions, signals reduced short-term selling pressure. When exchange reserves decline while prices stabilize, it often signifies limited sell-side liquidity, creating potential for a supply squeeze if demand rises.

Impending Breakout or Another Rejection?

Currently, the 50-week exponential moving average (EMA) serves as a focal point, positioned between $2,650 and $2,700. Ethereum has struggled to close above this resistance level consistently. Historically, breakouts in this range have led to gains between 25% and 135%, according to analyst İbrahim COŞAR.

If Ethereum surpasses this level, price targets suggest initial resistance at $4,000, which aligns with the top of a long-standing bullish flag pattern. In the event of an upswing, potential Fibonacci extension levels also indicate price points of $5,817 and $8,549.

> $ETH Macro Bullish Flag Formation📈
> Ethereum has maintained a massive bullish flag since 2021.
> Each support touch has catalyzed a strong rally, implying we might be entering that phase now.
> 🔼 Target for breakout: $8,000
> — Bitcoinsensus (@Bitcoinsensus) June 17, 2025

Conversely, failing to breach the 50-week EMA may lead to a pullback towards the support range of $2,000-$2,050, aligning with the 0.786 Fibonacci retracement level and historical support. On-chain metrics indicate that active addresses number around 384,000, necessitating an increase to sustain an upward trend.