Ethereum Whales Grab 22% More as Upgrade Nears, ETH Price Breakout Coming?
The post Ethereum Whales Grab 22% More as Upgrade Nears, ETH Price Breakout Coming? appeared on BitcoinEthereumNews.com.
Key Insights: Long-term ETH price holders increased wallets by 22%, lowering cost basis despite unrealized losses. Ethereum nears breakout zone with RSI neutral, volume rising, and Bollinger Bands tightening. Options volume surges 75% as traders position long ahead of Pectra upgrade and market movement. A clear shift in Ethereum (ETH) on-chain behavior has emerged over the past two months. Data from CryptoQuant showed that long-term ETH holders—defined by addresses that steadily receive ETH without major selling—boosted their holdings from 15.53 million ETH on March 10 to 19.03 million ETH by May 3. This marks a 22.54% increase in holdings during a period of price weakness. This activity came as Ethereum dropped below the average entry price of many of these wallets. Source: X As of March 10, ETH was trading at $1,866.70, as the realized price of acquiring wallets was around what was about $2,026. Rather, these wallets simply continued to accumulate, bringing down their average cost basis to $1,980 as of May 3 instead of decreasing exposure. ETH Accumulation Holds Strong Despite Losses The price of Ethereum has been under pressure since it peaked at $4,107 in December 2024. Since then, ETH has trended downward month after month with the correction that followed. However, the rise of holdings from long-term addresses signals that they are not acting based on short-term price action. These coins are used in these wallets, and they are kept by them for more than 155 days. They have consistently behaved: added more ETH, and they have not sold. “Behavior reflects structural conviction & clear expectations of short-term appreciation,” said @oro_crypto, referencing the data tracked in CryptoQuant’s accumulation metrics. ETH Price Levels Tighten, Traders Watch for Price Breakout Ethereum is now trading in a narrow zone between $1,783 and $1,831. The Bollinger Bands are tightening, and the price…
Filed under: News - @ May 6, 2025 7:21 pm