Ethereum (ETH) Whales Accumulate 260K Tokens as ETF Momentum Continues

Key Takeaways

• Ethereum currently changes hands near $2,680, registering a 0.40% gain over the last day
• Large holders controlling 10K-100K ETH accumulated 260K tokens starting Saturday following prior week’s distribution
• Spot ETH ETFs in the United States recorded their fourth consecutive session of positive net flows totaling $104.6 million
• ETHA from BlackRock dominated inflows with $50.8 million on September 23
• Price action tests the $2,560-$2,600 region, a former resistance area now acting as potential support

Ethereum currently sits at $2,680 in today’s trading session. The digital asset has climbed 0.40% during the previous 24-hour period. Its market capitalization stands at approximately $328 billion.

Significant Ethereum holders have resumed accumulation activities. According to CryptoQuant analytics, addresses containing between 10,000 and 100,000 ETH acquired 260,000 ETH starting from Saturday.

This accumulation pattern emerged after challenging market conditions last week. The identical cohort of major holders distributed 140,000 ETH across a three-day period following the Senate’s failure to advance the Clarity Act.

Mid-tier holders demonstrated contrasting patterns. Addresses controlling 1,000 to 10,000 ETH maintained relatively stable positions before executing a modest distribution of 50,000 ETH during the last two days.

Those holding between 100 and 1,000 ETH continued their selling pressure. This segment has distributed approximately 140,000 ETH following the Clarity Act developments.

Exchange flow metrics indicate withdrawals exceeding deposits in recent sessions. This pattern reveals a bifurcated market where certain participants accumulate during price declines while others secure gains.

Institutional Product Momentum Persists

Spot Ethereum exchange-traded funds in the United States registered their fourth consecutive session of positive net flows. Wednesday’s aggregate reached $104.6 million.

ETHA, BlackRock’s offering, dominated institutional flows with $50.8 million. This figure represents approximately half of Wednesday’s combined inflows.

FETH from Fidelity followed closely, attracting $41.3 million during the identical trading session.

Market analyst Ted, recognized on social platforms as @TedPillows, offered his perspective on current market dynamics. He characterized ETH’s movement as a minor pullback and anticipates price action will retest the $2,550 threshold before resuming upward momentum.

Critical Price Zone Under Examination

Another market observer operating under the handle BATMAN highlighted the $2,560-$2,600 corridor as a crucial technical zone for ETH. This price region previously functioned as resistance and has undergone multiple support tests since.

Should ETH maintain stability within this zone during corrective moves, it would validate the conversion of former resistance into support. The 200-day exponential moving average positions itself nearby at approximately $2,460, providing market participants with an additional reference point.

From a technical perspective, ETH trades above the median Bollinger Band positioned at $2,547.65. The upper boundary reaches $2,767.17.

The MACD indicator registers at 96.50, positioned above its signal counterpart at 86.47. The histogram displays a positive reading of 10.02, although the separation between lines remains narrow.

Coinglass tracking reveals $74.5 million in forced liquidations across the past 24 hours. Long position liquidations constituted $44.4 million of this figure.

Overhead resistance zones beyond current valuations appear at $2,786 and $2,894, with an additional obstacle positioned at $3,177.

Regarding broader market conditions, Brent crude advanced nearly 3% Thursday following the collapse of diplomatic discussions between the United States and Iran. The 10-year US Treasury yield surpassed 5.15%, marking its peak level since June 2007.