Ethereum Whales Accumulate as Price Stagnates Near $2,000

Ethereum's price has been stuck in a tight range between $1,800 and $2,000. Despite this, Ethereum whales have begun accumulating again, indicating that they view current prices as attractive.

This accumulation comes at a time when exchange reserves are rising and the Coinbase premium remains negative, signaling weak demand from US retail investors and crypto-native participants. However, the difference between ETF flows and exchange activity suggests that traditional and institutional investors may be more optimistic about Ethereum's prospects.

The ETH/USD 4-hour chart shows a cautiously bullish near-term structure, with the price above the 20-day EMA at $1,884 and the 50-day EMA at $1,865. However, immediate resistance lies at the 100-day EMA of $1,922, which could limit Ethereum's potential to break above $2,000.