Ethereum Whales Accumulate at Yearly Lows as Price Nears $2K
Ethereum whales have been buying up ETH as the price trades near $1,963, a 4.3% increase in the last 24 hours.
Three separate datasets point to an accumulation phase that began two weeks after Ethereum broke its long-term descending trendline.
Glassnode data shows growing whale addresses, with the metric bottoming near 4,750 addresses in early June and climbing toward 4,850.
The 30-day change has stayed positive through most of July, suggesting sustained accumulation rather than a short-lived spike.
Institutional flows also tell a similar story, as US spot Ethereum ETF net flows flipped positive in July after eight weeks dominated by outflows.
A return to sustained daily outflows would flip this signal back to bearish, but for now, it's a sign that institutional demand is returning.
The 14-day moving average of Ethereum active addresses sits near 400,000, far below the February spike near 800,000 and the June local peak of roughly 460,000.
Crowd sentiment has turned deeply bearish, but such readings are treated as contrarian signals by Santiment.
The daily chart shows why these signals matter now, as Ethereum held above the broken trendline for two weeks before pressing into the resistance zone just below $2,000.