Ethereum Price Eyes Breakout as Whales Accumulate $10M in ETH

Sean Williams
Ethereum

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Key Takeaways:

  • Ethereum whales bought nearly $10M in ETH, signaling strong bullish sentiment.
  • Despite ETF inflows and accumulation, ETH struggles below $2.5K, showing market hesitation.
  • Breaking the $3K resistance is critical for ETH to regain momentum and pursue a potential $10K cycle top.

The crypto market is showing signs of renewed bullish momentum as geopolitical tensions ease, and Ethereum (ETH) appears poised to join the upward trend. Despite significant whale accumulation and surging ETF inflows, ETH continues to struggle below key resistance levels.

$10M in ETH Bought by Whales Sparks Market Buzz

Recent on-chain data highlights aggressive accumulation of Ethereum by large holders. According to a Lookonchain post on X, SharpLink Gaming bought 1,989 ETH worth $4.82 million, while another address, 0x1fc7, acquired 1,888 ETH totaling $4.56 million. Combined, these purchases reflect nearly $10 million in ETH scooped up in a matter of hours.

This surge in whale activity coincides with a broader uptick in Ethereum exchange-traded fund (ETF) inflows, indicating strong institutional demand. CryptoQuant data also shows that whale accumulation recently hit an all-time high.

ETH Price Holds $2.4K Despite Bullish Signals

While such aggressive buying typically signals an impending price move, Ethereum remains subdued. At press time, ETH is trading around $2,427, with little reaction to the multi-million-dollar purchases. This comes after a 31% decline in Q2 2025 and a prolonged consolidation phase.

Analysts suggest the lack of price momentum may stem from the absence of a near-term catalyst. Without a breakout above resistance, the whale activity has yet to trigger a broader rally.

Also Read: Coinbase Unveils CFTC-Compliant Bitcoin and Ethereum Futures, Launching July 21

Breaking $3K Resistance is Key for Ethereum Rally

For Ethereum to gain real momentum, it must break past the psychological $3,000 resistance level. The last time ETH decisively cleared this barrier, it triggered significant upside. Popular crypto analyst Ted noted that similar price patterns in past cycles led to rallies of 400x in 2017 and 50x in 2021.

Ethereum price chart

He predicts that even a modest 6x rally in the current cycle could send ETH to the coveted $10,000 mark—especially if whale activity and ETF demand continue to climb.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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