- Ethereum whale wallets grew 6.7% since December, adding 3.5M ETH despite a 54% price drop to $1,843.
- Ethereum leads real-world asset adoption with $6.5B deposits, outpacing ZKsync Era’s $2.2B, yet price lags below $2K.
Ethereum’s market activity shows increased accumulation by large holders as the network’s Pectra upgrade approaches. Addresses holding between 1,000 and 10,000 ETH grew from 4,643 in December to 4,953 by May, despite ETH’s price dropping from $4,000 to $1,843. Data from CryptoQuant reveals these wallets added 3.5 million ETH—a 22.5% rise—between March and May, signaling confidence in future price moves.
The upgrade, which introduces technical improvements, has coincided with a rise in leveraged positions. Futures traders boosted their exposure, as indicated by a climbing Estimated Leverage Ratio since November.
However, exchange reserves fluctuated between 19.1 million and 19.8 million ETH in April, reflecting hesitancy among some investors. ETHNews analysts suggest ETH must hold above $2,000 with declining reserves to confirm a sustained rally.
Ethereum maintains dominance in real-world asset tokenization, hosting $6.5 billion in deposits—triple the value locked on ZKsync Era. This adoption contrasts with ETH’s stagnant price, which remains below $2,000. Observers attribute the disconnect to market caution, as investors await tangible outcomes from Pectra.
The upgrade’s success could prompt selling by holders seeking to realize gains if prices rebound above their purchase levels. Conversely, failure to meet expectations might trigger a liquidity squeeze. For now, Ethereum’s blend of institutional utility and speculative positioning keeps the market in equilibrium—a tightrope walk between conviction and uncertainty.
Ethereum Holds Near $1,805 as On-Chain Activity Signals Cautious Accumulation
Ethereum traded at $1,804.27 on Thursday, struggling to hold above the $1,805 resistance level. ETHNews analysts link the stagnation to clustered liquidations between $1,775 and $1,830, where abrupt price shifts could force traders to close positions. Despite weak momentum, on-chain data suggests holders are accumulating rather than selling.
Daily active addresses rose to 431,200 this week, up 13.4% from prior figures. New wallet creations jumped 25.17%, indicating renewed user engagement even as prices lag. Exchange reserves fell to 8.05 million ETH, the lowest since early 2025, reflecting reduced sell intent. This trend aligns with historical patterns where lower exchange supplies precede price rebounds.
The Relative Strength Index (RSI) held at 53.8, signaling neutral momentum. Ethereum recently broke a multi-month downtrend, but bulls lack the thrust to push beyond $1,805—a level tied to the 0.236 Fibonacci retracement. A sustained close above this mark could attract buyers, though liquidation risks loom below $1,775.
Spot trading volumes cooled after recent declines, with smaller, neutral-colored clusters on volume maps hinting at calmer markets. This lull often precedes stability phases, allowing buyers and sellers to balance. Futures traders remain cautious; open interest held steady despite the RSI’s neutral stance.
Ethereum’s network activity contrasts with its muted price action. Users are testing transactions and creating wallets, yet ETH’s value hovers near monthly lows. ETHNews analysts suggest this divergence implies accumulation by long-term holders, who now control 85% of circulating supply. For prices to rally, ETH must hold above $1,775 while exchange reserves keep shrinking.
