Ethereum Whales Buy the Dip Amid Strengthening ETF Demand

Ethereum whales are buying up ETH as its price approaches $2,000 resistance. This trend is accompanied by renewed accumulation from large holders and a third consecutive week of inflows into U.S. spot Ethereum ETFs.

The number of wallets holding 1,000 to 10,000 ETH rose from roughly 4,750 in early June toward 4,850 as ETH held its breakout above a long-term descending trendline broken in mid-July. This accumulation is taking place despite the price trading near $1,963, up 4.3% over 24 hours.

The influx of fresh capital into Ethereum is evident in ETF demand, which has strengthened after about eight weeks dominated by withdrawals. Funds added $103.9 million during the week ending July 24, although daily inflows remain in the tens of millions, far below the $600 million to $1 billion sessions seen in August 2025.

The missing confirmation for this rally comes from activity on Ethereum itself. The 14-day moving average of active addresses remains near 400,000, well below previous spikes and local highs.