Ethereum is exhibiting fresh signs of momentum as whale activity within its ecosystem steadily ramps up, raising investor speculation of an imminent breakout above the critical $2,600 resistance level.
The world’s second-largest cryptocurrency currently trades around $2,575, registering a 1.5% gain over the previous 24-hour period. During the past week, its price fluctuated within a range of $2,473 to $2,869, reflecting an overall cautious market mood driven largely by geopolitical uncertainty stemming from the ongoing tensions between Israel and Iran.
Recent Ethereum transaction activity points to increased engagement among traders and investors. Ethereum’s daily spot trading volume spiked significantly by over 32% to $14.27 billion. Concurrently, futures trading volume rose by approximately 26.46%, reaching $53.09 billion. Furthermore, the open interest on Ethereum futures—the measure of funds locked into market positions—increased by 1.20% to $35.13 billion, indicating heightened trader involvement and anticipation of price movement.
On-chain analytics highlight further bullish sentiment, notably among heavyweight Ethereum investors, commonly referred to as whales and sharks. Data reveals that wallets holding between 1,000 and 100,000 ETH have aggressively accumulated approximately 1.49 million coins over the past month, raising their combined ownership portion of Ethereum’s total supply to around 26.98%. In contrast, smaller retail investors have shown a tendency to lock in profits, exiting their positions as Ethereum briefly ascended near its recent monthly highs.
Institutional demand for Ethereum also remains robust. The iShares Ethereum Trust, operated by BlackRock, has purchased over 1.5 million ETH, currently valued around $4 billion. Between June 3 and June 6 alone, BlackRock added approximately $240 million worth of Ethereum to its holdings. Cumulatively, the investment management giant has committed roughly $500 million toward Ethereum acquisitions in June. Other major institutional investors, including Cumberland and Galaxy Digital, have also indicated significant and rising positions in Ethereum, further illustrating substantial institutional backing.
From a technical analysis viewpoint, Ethereum’s price remains poised slightly below its 20-day moving average, confined within a recently tightened trading range. Bollinger Bands—a technical indicator measuring market volatility—have narrowed noticeably, a typical precursor suggesting periods of reduced volatility prior to sharp price movements. Ethereum’s relative strength index (RSI) currently hovers in neutral territory at approximately 52; however, climbing trading volumes and rising whale accumulations are favorable conditions, potentially foreshadowing a bullish breakout.
Momentum indicators provide mixed but cautiously optimistic signals: the 10-period momentum oscillator and the moving average convergence-divergence (MACD) are seen gradually stabilizing and suggesting an imminent bottoming-out phase. If the MACD indicator were to cross above its signal line in upcoming trading sessions, it would represent a clear bullish signal for Ethereum.
Immediate resistance is identified around the $2,870 mark. If bullish momentum manages to push Ethereum convincingly past $2,600, with supporting volume confirmation, a subsequent ascent toward the psychologically important barrier of $3,000 becomes highly likely. Conversely, a failure to sustain prices above the current 20-day moving average might provoke a renewed test of Ethereum’s nearby support level at $2,400.
