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Ethereum Whales Holding Over 10,000 ETH Grow Since February 1st – Accumulation Signal?

Ethereum Whales Holding Over 10,000 ETH Grow Since February 1st – Accumulation Signal?

Sebastian Villafuerte
by Sebastian Villafuerte
6 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum has been struggling below the $2,800 mark since last Thursday, leaving bulls in trouble as the price continues to trade beneath key supply levels. This bearish price action has shaken investor confidence, especially among those who anticipated 2025 would be a bullish year for Ethereum. Last week’s massive selling pressure further compounded fears, with ETH struggling to reclaim lost ground.

Related Reading: Huge Bitcoin Transaction Signals Potential Volatility – 14,000 BTC Between 7y – 10y Moved On-Chain

The current market sentiment toward ETH reflects growing uncertainty, as the second-largest cryptocurrency fails to show signs of a strong recovery. Investors are worried that ETH’s underwhelming performance could persist, especially as it lags behind Bitcoin and other altcoins that have shown relative strength in recent weeks. Many now question whether Ethereum can regain the bullish momentum it has been known for in previous cycles.

Despite these challenges, there are glimmers of optimism. Key on-chain metrics shared by crypto analyst Ali Martinez reveal an interesting trend: the number of Ethereum whales holding over 10,000 ETH has risen by 2.30% since February 1.

This suggests that large holders accumulate Ethereum during this consolidation phase, potentially signaling confidence in its long-term prospects. Whether this accumulation will translate into price recovery remains to be seen, but it adds a layer of intrigue to Ethereum’s current market dynamics.

Ethereum Accumulation Taking Place

After last week’s dramatic sell-off, which saw Ethereum plummet from $3,150 to $2,150 in less than two days, the price has struggled to reclaim key supply levels. While ETH managed a strong recovery from its lows, pushing back to the $2,700 mark, it still faces significant resistance and remains in a bearish trend. Bulls are under pressure, with the $3,000 level emerging as the critical threshold to regain control and shift the narrative toward a bullish recovery.

Despite the challenging price action, there are signs of optimism for Ethereum’s long-term outlook. Key metrics shared by top analyst Ali Martinez reveal that the number of Ethereum whales—wallets holding over 10,000 ETH—has risen by 2.30% since February 1.

Ethereum Mega-Whale Address Count | Source: Ali Martinez on X
Ethereum Mega-Whale Address Count | Source: Ali Martinez on X

This growing accumulation suggests that large-scale investors remain confident in Ethereum’s potential, even as the broader market struggles with volatility and uncertainty. Historically, whale accumulation during bearish phases has often preceded strong rallies as these players anticipate future price increases.

Related Reading: Bitcoin Holds Above $90K Level As Funding Rates Across Top Exchanges Drop to Zero – What This Means

This trend provides a glimmer of hope for Ethereum investors who still believe in a bullish year ahead. If ETH can reclaim the $3,000 mark and hold it as support, a recovery into higher supply levels could trigger a broader rally. For now, however, the coming days will be crucial as Ethereum consolidates and bulls attempt to regain control. With growing whale activity signaling confidence, the question remains: can Ethereum overcome its current struggles and set the stage for another upward surge?

ETH Price Action: Key Levels To Reclaim

Ethereum (ETH) is trading at $2,680 as it attempts to reclaim the $2,700 mark and push above key supply levels. Bulls are under pressure to regain control after weeks of bearish price action. Reclaiming the $2,800 and $3,000 levels is crucial for Ethereum to reverse the daily downtrend it has experienced since late December. Breaking above these levels would signal a shift in momentum, giving bulls a chance to regain strength.

ETH price testing crucial supply | Source: ETHUSDT chart on TradingView
ETH price testing crucial supply | Source: ETHUSDT chart on TradingView

The $3,000 mark is particularly significant, as it aligns with the 200-day moving average, a critical indicator of long-term trend strength. Historically, breaking and holding above this moving average has triggered bullish rallies, and a similar move now could send ETH into higher price levels quickly. A push above $3,000 would likely attract increased investor interest, setting the stage for a sustained recovery.

Related Reading: Bitcoin Vanishing From Exchanges At Record Speed – Investors Show Confidence In Long-Term Value

On the downside, losing the $2,600 support level would put Ethereum at risk of further declines. Such a move could take ETH into lower demand zones, potentially revisiting levels last seen during its dramatic sell-off earlier this month. For now, the $2,700 mark remains the immediate battleground, as bulls and bears fight for short-term dominance in an uncertain market.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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