Whales Are Back! Ethereum’s Price Dance Could Lead to a $3K Fandango! 💃🐋

by

Ah, Ethereum! The plucky little cryptocurrency that could, is once again strutting its stuff like a dapper chap at a summer garden party. With a fresh breeze of optimism wafting through the market, it seems that the big fish—those illustrious whales—are making a grand entrance. 🐳

Currently, our dear Ethereum is trading at a sprightly $2,575, having hopped up a delightful 1.5% in the last 24 hours. Over the past week, it has been frolicking between $2,473 and $2,869, all while the global markets are as jittery as a cat in a room full of rocking chairs, thanks to the ongoing kerfuffle between Israel and Iran.

Now, let’s talk turkey—trading activity around Ethereum (ETH) has surged like a well-fed puppy. In the last day alone, daily spot trading volume has leapt over 32% to a staggering $14.27 billion. Meanwhile, the futures trading volume has also decided to join the party, rising 26.46% to $53.09 billion. Open interest, or the money locked in ETH futures, has crept up by 1.20% to $35.13 billion. It appears that traders are placing their bets, likely expecting a price move that could make even the most seasoned gambler raise an eyebrow.

On-chain data, that ever-reliable oracle, suggests that interest is bubbling like a fine champagne. According to a recent post by Santiment (June 14, if you’re keeping score), wallets holding between 1,000 and 100,000 ETH have been on a buying spree. These larger holders, affectionately dubbed whales and sharks, have added a whopping 1.49 million ETH in the past month. 🦈

Now, their total share of the ETH supply has ballooned to 26.98%. Meanwhile, it seems that many smaller holders have decided to cash in their chips, leaving the big players to feast while the little fish swim away with their profits.

🐳 There are currently 6,392 wallets holding between 1K and 100K Ethereum. Over the past month alone, these key whale and shark wallets have rapidly added more coins as retail traders have taken profit.

During these past 30 days, a net of +1.49M more $ETH has been accumulated by…

— Santiment (@santimentfeed) June 13, 2025

Institutional demand is also flexing its muscles. BlackRock’s iShares Ethereum Trust has scooped up more than 1.5 million ETH, worth about $4 billion. They’ve been on quite the shopping spree, purchasing nearly $240 million worth of Ethereum between June 3 and June 6. This month alone, they’ve added over $500 million in Ethereum. Other companies, such as Cumberland and Galaxy Digital, are also expanding their holdings, indicating that the big institutional players are keen to join the Ethereum jamboree.

On the technical front, Ethereum is currently trading just below its 20-day average, moving within a tighter price range. The Bollinger Bands are starting to narrow, a sign that volatility is preparing for a potential breakout. The relative strength index is sitting pretty at 52, but with increasing volume and whale activity, we might just see the price take a delightful leap upwards.

While some momentum indicators like the 10-period momentum and the moving average convergence divergence are showing a bit of weakness, they seem to be bottoming out. If the MACD line crosses above the signal line in the coming sessions, it would be a bullish sign of renewed upward momentum. How thrilling!

The next major resistance zone is lurking around $2,870, should the bulls manage to push the price above $2,600 with a hearty volume confirmation. A close above that would swing open the door toward the illustrious $3,000. On the flip side, if the price can’t hold above the 20-day average, we might see a retest of the lower Bollinger Band around $2,400. Oh, the drama!

Read More

2025-06-16 09:19