- Whales bought nearly 1 million ETH in one day, the largest since 2018.
- Each cycle, Ethereum’s retest of the $1,550–$2,500 zone marked a macro bottom and sparked a vertical rally.
A historic Ethereum [ETH] buying spree unfolded, with nearly 1 million ETH scooped up by whales in a single day – the largest since 2018, according to Glassnode data shared by Quinten.
By the end of June, the net positions of whale wallets holding between 1,000 and 10,000 ETH soared to 14.2 million ETH.
This significant accumulation coincided with prices trading in the range below $2,500, a zone that has historically defined cycle bottoms.
Source: Quinten/X
Ethereum whales are waking up
To supplement this, the on-chain data captured one wallet that lay dormant for more than 1.2 years, eventually waking up.
The whale withdrew 1,051 ETH, about $2.58 million, from Binance to a cold wallet, as Onchain Lens denoted.
This contributed to increased trading volume of whales, who were probably hoping to see more upward price movement.
While buying pressure mounted, so did staking.
The percentage of Ethereum staked hit a new all-time high of 29.02% on the 25th of June. This reflects both confidence and a supply reduction narrative, as staked ETH becomes temporarily illiquid.
As both staking and large-scale purchasing reduce the circulating supply, the ETH market structure could become tighter, at least in the short term, offering price support.
Can THIS level spark an ETH rally?
Apart from a reduction in supply, Ethereum (ETH) also made it to a previous zone in the range of $1,550 to 2500, which has defined the macro bottom in every cycle.
Historically, all prior appearances in this zone in 2017, 2019, 2020 and 2021 were followed by major upward movements. Meanwhile, 2025 could follow suit.
Whenever the price reached this zone on the way up, it always caught up and then retested the range before breaking out. At press time, ETH traded around $2,459, right at the cusp of this band.
Source: Merlijn The Trader/X
If history rhymes, ETH could surge toward the $4,000–5,000 region.
However, a successful rally requires follow-through. A failure to hold the $2,500 range might trigger a decline to the $1,700 green support band.
That makes the $2,460–2,750 range a breakout zone. Until broader market conviction follows through, the setup is ripe—but not sealed.
