Ethereum Whale Accumulation Fuels Price Stability

Ethereum's recent price drop of 5.56% may not be the end for the cryptocurrency as whales continue to accumulate large amounts of ETH. According to CryptoQuant data, spot average order size has been elevated for two consecutive months, indicating strong buying pressure.

One notable whale, who created four wallets 113 days ago, withdrew a substantial amount of ETH worth $70.03 million. This strategic move suggests the whale is repositioning themselves in the market, taking advantage of the prevailing conditions.

In addition to whale accumulation, institutional investors have also been purchasing large amounts of ETH. Bitmine has been consistently buying ETH, accumulating 45k units worth $95.3 million.

While the Exchange Supply Ratio has dropped to its lowest level since 2017, indicating a significant reduction in available supply, Ethereum's price remains stuck within a bearish structure. The Relative Strength Index (RSI) confirms this weakness, with the RSI making a bearish crossover and falling to 47.

The market conditions suggest that ETH may continue to decline if external market forces remain unfavorable. However, if whales and institutions maintain their buying pressure, Ethereum could potentially reclaim $2,100 and even reach $2,397.