- Ethereum holds above $2,600 post-wedge breakout, with next resistance at $2,870 and $3,000.
- Whales added 1.49M ETH in 30 days, pushing large wallet supply shares close to 27%.
- Bull flag forms under CME gap; narrowing Bollinger Bands hint at incoming ETH volatility.
Ethereum is currently trading at $2,612.45 after breaking out from a falling wedge pattern. Price action now shows consolidation just above former resistance, while the Relative Strength Index (RSI) is retesting its previous breakout zone. If Ethereum maintains this area, the setup favors a continuation to the upside.
Momentum Strengthens as Whales Accumulate
According to an observation by Michael Van De Poppe, Ethereum has printed consistent higher lows, suggesting bullish structure is intact. However, he noted that if the trend fails, the $ETHBTC range between 0.022–0.023 may offer liquidity for reentry. A continuation, though, points toward the 0.03 level.
On-chain data from Santiment shows wallets holding 1,000 to 100,000 ETH added 1.49 million ETH in the past month. This buying activity pushed their total share of Ethereum supply to nearly 27%. Data from Glassnode also recorded the largest single-day inflow by large wallets in over six years, totaling 818,410 ETH.
Trading volumes support this trend. Coinglass reported a 32% rise in spot volume to $14.27 billion, while futures volume jumped to $53.09 billion. Open interest also increased, showing growing market participation.
Technical Indicators Signal Bullish Continuation Potential
Technical structure shows Ethereum consolidating under the $2,870 resistance. Bollinger Bands have narrowed, which may precede increased volatility. The RSI holds at 52 and is testing the breakout level, suggesting the move is being defended.
Alex Clay, via X, noted Ethereum is currently forming a bull flag pattern under the CME gap between $2,911 and $3,237.5. He suggests this is a setup for an incoming breakout.
Analyst Milkybull Crypto also noted a historical parallel to Ethereum’s 2017 breakout. If price remains above $2,600, the next resistance to monitor is $2,870, followed by $3,000. A close above these levels could confirm bullish continuation.
