Ethereum Whales Bet Big on Altcoin's Price Recovery

Ethereum (ETH) has been trading steadily around $1,807 for three consecutive days after reclaiming the $1,800 level. High-net-worth investors, known as whales, have taken advantage of this stability to increase their positions in ETH.

According to Lookonchain and Onchain Lens, two whales accumulated a total of 11,306k ETH worth $20.59 million through recent purchases. This significant accumulation indicates strong confidence in the market from these high-net-worth investors.

The Exchange Netflow data from CryptoQuant shows that exchange outflows have remained negative for eight consecutive days, marking the longest negative streak this year. A sustained period of negative net flow suggests that buyers have gained control and effectively displaced sellers.

Historically, a setup with fewer tokens entering exchanges than leaving them has preceded greater price appreciation for Ethereum. The Relative Strength Index (RSI) has remained above 50 for the past eight days, suggesting a demand-driven surge in the altcoin's price.