Ethereum Stuck in a Tight Range—But Whales Are Loading Up
Ethereum isn’t going anywhere fast right now. At least, not on the surface. Over the weekend, ETH hovered around $2,500, stuck in the same narrow band it’s been in since May. But if you look closer, something interesting is happening beneath the calm.
Big players—whales, institutional investors—have been quietly adding to their Ethereum holdings. Spot ETH ETFs pulled in another $219 million this week, marking eight straight weeks of inflows. That’s not nothing. When money keeps flowing in like that, it usually means someone’s betting on a move higher.
Where’s All the ETH Going?
Fewer coins are sitting on exchanges these days. Back in February, there were about 10.73 million ETH tokens held on trading platforms. Now? Just 7.3 million. That drop suggests people are pulling their coins off exchanges—maybe into cold storage, maybe into staking. Either way, they’re not looking to sell anytime soon.
And speaking of staking, that number’s climbing too. Over 2 million more ETH has been locked up in staking pools since last quarter, pushing the total staked to nearly 30% of the supply. That’s $90 billion worth of ETH tied up, earning yield. It’s a slow shift away from quick trades and toward holding—or at least, that’s what the numbers seem to say.
What the Charts Are Saying
Technically, Ethereum’s price action looks… well, boring. The daily chart shows a tight range, no big spikes or drops. But that doesn’t mean nothing’s happening. The accumulation/distribution indicator—which tries to measure whether coins are being bought or sold—has been creeping up, sitting near yearly highs.
There’s also this thing called a bullish flag pattern. Basically, ETH shot up earlier this year (the “flagpole”), then started trading sideways (the “flag”). If history holds, that could mean another leg up is coming. The measured move points to around $4,200, but that’s a big *if*. It’d have to break past last year’s high of $4,100 first.
Of course, none of this matters if ETH can’t hold $2,000. Drop below that, and the whole setup falls apart.
For now, though, the whales seem to think it’s worth the wait. Whether they’re right? We’ll see.
