Ethereum whales added 818,410 ETH in a single day, the largest since 2018.
ETH price is consolidating in a bullish ascending triangle, with $2,900 as key resistance.
Analysts see $4,000 to $10,000 as realistic targets if the breakout materializes.
Ethereum (ETH) is exhibiting early signs of a potentially explosive rally, as whales intensify their accumulation, institutional inflows reach multi-month highs, and the price action mirrors historical bullish setups. On-chain data shows that major ETH holders are accumulating at levels not seen since 2018. Meanwhile, Ethereum’s price is consolidating within a well-defined ascending channel, similar to the pre-breakout structure from 2016 - 2017, which led to a 1,000% rally.
As market confidence grows around staking, tokenization, and ETF listings, many analysts are asking: Is Ethereum preparing for its next major breakout?
On June 15, Ethereum wallets holding between 1,000 and 10,000 ETH added 818,410 ETH, worth over $2.5 billion, the largest single-day inflow in over six years. According to data from Glassnode and Santiment:
These whale wallets now hold more than 16 million ETH, up from 11.9 million ETH a year ago.
Wallets with 1,000 to 100,000 ETH added a staggering 1.49 million ETH (~$3.8 billion) over the past 30 days.
As of now, there are over 6,392 wallets in the 1k - 100k cohort, suggesting a broad-based institutional accumulation wave.
This isn't just about a few whales; it's a coordinated and widespread accumulation trend.
Backing up the whale accumulation, digital asset investment products reported $1.9 billion in net inflows last week, with Ethereum accounting for $583 million, its strongest weekly performance since February, per CoinShares. That brings total year-to-date net inflows to $2.28 billion.
Meanwhile, spot-based Ethereum ETFs recently completed a 19-day streak of net inflows, pulling in $1.37 billion, followed by a negligible $2.1 million outflow, indicating overall sticky institutional demand.
Even activity in Ethereum ecosystem projects is surging:
Ethereum Name Service (ENS) saw a 313% spike in whale transactions.
Ethereum-based lending protocols posted a 204% jump in large-holder activity.
Ethereum staking participation also hit a new high as investors seek passive yield.
Ethereum’s price is currently trading near $2,580, holding support above the 50-day, 100-day, and 200-day EMAs. The setup is indicative of a consolidation range forming within a broader ascending triangle, a bullish continuation pattern.
Key technical observations:
Support: Strong buying support is evident around the $2,425-$2,476 zone, where the 100-day and 200-day EMAs converge.
Resistance: The immediate resistance lies at $2,747 (50% Fib retracement), followed by $2,900 and $3,068 (61.8% Fib level).
Trendline: ETH continues to respect an ascending support trendline that has been in place since the April breakout.
RSI: Currently around 54.8, bullish but not overbought, giving ETH room to push higher.
This structure resembles the $10 - $20 sideways channel ETH traded in before the 2017 bull run. Once that range broke, ETH surged to $1,500 in less than 12 months.
Analyst Milkybull Crypto compares the current setup to that cycle and believes $4,000 is a realistic short-term target, with $10,000 as a long-term possibility should macro and market conditions align.
Also Read: Ethereum Comeback Trail: Will This Support Spark a Rally?
| Horizon | Target Price | Rationale |
|---|---|---|
| Short-term | $2,900 - $3,000 | Break above the current range resistance & triangle ceiling |
| Mid-term | $3,500 - $4,000 | Channel top + ETF & staking-driven demand |
| Long-term | $10,000+ | Historical fractal repeat, macro cycle extension |
Despite the bullish narrative, some risks remain:
A breakdown of trend support near $2,425 - $2,476 could invalidate the pattern and trigger a retest of $2,150.
Macro volatility, including Middle East tensions and U.S. Fed decisions, may inject uncertainty into crypto markets.
Regulatory setbacks for Ethereum-based ETFs or on-chain projects could delay upward momentum.
Profit-taking from early whales or funds may lead to short-term corrections if not absorbed by new buyers.
However, strong on-chain support and the current RSI profile suggest dips are being bought aggressively.
Also Read: Ethereum Tests Previous Resistance: Can Bulls Hold the Line This Time?
“Ethereum is entering a coiled spring formation,” said Milkybull Crypto on X.. “Just like in 2017, the consolidation pattern and whale signals are aligning for a strong push higher.”
Ryan Lee from Bitget Research agrees, adding:
“The scale of institutional accumulation, combined with ETF flows and on-chain usage, builds a credible case for ETH to revisit its all-time highs and possibly break them.”
Ethereum is positioned at a potentially defining moment. With whales accumulating at record levels, institutions showing unshaken confidence, and technical patterns hinting at a breakout, ETH may be preparing for a powerful move.
If the current structure holds and resistance around $2,900 is cleared, the next major target lies near $4,000. And if market momentum mirrors 2017, ETH could be on track for an even larger parabolic move.