Ethereum has reclaimed the $1,800 price level, holding steady for three consecutive days and trading around $1,807. High-net-worth investors have capitalized on the stability, with on-chain data revealing significant accumulation by major whales. Two whale entities purchased a combined 11,306 ETH worth approximately $20.59 million, signaling strong confidence in a price recovery. Exchange netflows have remained negative for eight straight days, the longest streak this year, indicating buyers have gained control. The Exchange Supply Ratio dropped to a three-week low of 0.13, suggesting growing scarcity and reduced available supply for immediate sale.
Ethereum reclaimed the $1,800 level and has held this level for three straight days. At press time, Ethereum was trading around $1,807 after rising slightly by 0.26% on the daily charts.
As the price steadies, high-net-worth investors have seized the opportunity to increase their positions. According to Lookonchain, a whale withdrew 4,948 ETH worth $9.01 million, bringing their total holdings to 49,407 ETH valued at $84.3 million.
Onchain Lens reported that two wallets likely linked to the same entity purchased 6,358 ETH worth $11.59 million. In total, these two whales purchased 11,306 ETH worth $20.59 million.
When whales continue to accumulate and the market signals recovery, it indicates strong confidence in the market. Thus, these whales are betting on continued price recovery and subsequent gains.
Incentivized by whales, demand seems to have recovered significantly across all market participants. Exchange Netflow data shows strong market accumulation, remaining negative for eight consecutive days, marking the longest negative streak year-to-date.
A sustained period of negative net flow suggests that buyers have gained significant control and effectively displaced sellers. As a result of these continued exchange outflows, scarcity has increased significantly while supply available for immediate sale has declined.
The altcoin’s Exchange Supply Ratio declined to a three-week low of 0.13, indicating that fewer Ethereum tokens are entering exchanges than leaving them. Historically, such a setup on exchanges has preceded greater price appreciation for Ethereum.
Ethereum has struggled to maintain an uptrend, but the market seems to be recovering for all participants. The altcoin’s Relative Strength Index has remained above 50 for the past eight days, with its upward trajectory coinciding with a shift in exchange activity suggesting a demand-driven surge.
Often, when this indicator holds strongly while market demand is strong, ETH tends to make gains. Therefore, if the accumulation persists, traders could see Ethereum hold $1,800 and target $2,000.
However, the altcoin must close above its short-term Moving Average at $1,778 to keep this bullish structure alive. Failure to do so could lead to another price drop.
