Ether (ETH) remains resilient at $2,508, despite a slight 0.88% dip over the past 24 hours. Even with shifting institutional behaviors, ETH has managed to stay above the crucial $2,500 support level. Data from crypto analytics platform Santiment reveals that large wallets—those holding between 1,000 and 100,000 ETH, often called whale and shark wallets—have been steadily accumulating ETH, adding a net total of 1.49 million coins in the past month. Their combined holdings now account for nearly 27% of the total ETH supply, marking a 3.72% increase. While retail investors appear to be taking profits amid recent price declines, these major holders are demonstrating strong long-term confidence, signaling a bullish outlook despite short-term volatility.
Meanwhile, US-listed spot Ethereum ETFs experienced a net outflow of $2.2 million on Friday, ending a 19-day streak of inflows and indicating a slowdown in institutional demand. Despite this, ETH’s overall technical structure remains solid. After retreating from recent highs near $2,870, ETH continues to hold above the significant support zone around $2,500. The ongoing accumulation by whales could serve as a sturdy foundation for the price, especially if macroeconomic conditions stabilize and regulatory clarity improves.
**Technical Highlights:**
– ETH traded in a range between approximately $2,499 and $2,580 over the past day.
– The price peaked near $2,580 early on before gradually declining.
– A brief dip below $2,500 was followed by a bounce back, closing at around $2,518.76.
– Volume surged late in the session, particularly between 17:30 and 18:00 GMT, aiding the rebound.
– Support around $2,500 appears to be forming, serving as both a psychological and technical benchmark.
– Despite modest losses, ETH’s price has remained within a narrow range, reflecting stability.
In summary, despite short-term fluctuations and a slight dip in ETF demand, Ethereum’s fundamentals and large-scale accumulation suggest a resilient outlook. The steady buying by major wallets may provide a strong price floor, particularly if broader macroeconomic and regulatory factors become clearer. Keep an eye on key support levels and institutional activity as ETH continues its journey amidst evolving market dynamics.
