- Ethereum whales purchased over $44 million in ETH, with one large holder staking 12,800 ETH after withdrawing from Binance.
- Strong spot inflows and renewed accumulation helped Ethereum recover toward the $1,950 level.
- Ethereum remains above its 50-day and 200-day moving averages, supporting a constructive technical outlook.
Ethereum has started to attract fresh whale activity as large investors accumulated thousands of ETH while the asset traded near $1,938. According to Lookonchain, one dormant whale spent $20 million on Ethereum after three months of inactivity, while another newly created wallet withdrew and staked 12,800 ETH from Binance, adding to growing buying activity.
Whale Buying Activity Accelerates
According to Lookonchain, wallet 0x4cee returned after three months and purchased 10,501 ETH using 20 million USDC. At the same time, a newly created wallet identified as 0xf23c withdrew 12,800 ETH worth about $24.47 million from Binance.
The new wallet immediately staked its entire Ethereum balance. Consequently, both transactions highlighted continued accumulation by large holders as Ethereum traded near recent highs.
Meanwhile, exchange flow data showed buying pressure strengthened during the past two weeks. On July 14, spot inflows reached approximately $82 million, marking the largest inflow during the reviewed period. Additional inflows between $20 million and $40 million followed on July 15 as Ethereum climbed above $1,900.
Spot Flows Continue Supporting Price
However, the market experienced temporary selling pressure between July 16 and July 18. Several hourly outflows reached roughly $28 million, $32 million, and nearly $35 million, pulling Ethereum toward the $1,820 region.
Even so, buyers continued entering the market during the decline. Fresh inflows repeatedly offset selling activity, allowing Ethereum to recover steadily during the following sessions.
Between July 19 and July 21, several inflow spikes ranging from $20 million to $30 million accompanied another price advance. Ethereum eventually approached $1,950 despite intermittent outflows.
Technical Trend Remains Positive
The broader price chart also reflected improving momentum. Ethereum traded around $1,938 while remaining above its 50-day moving average near $1,861 and its 200-day moving average around $1,737.
Notably, trading volumes increased during the recent advance after weakening earlier in June. The recovery followed a prolonged decline from above $3,000 earlier this year before buyers regained control during late June.
According to the chart, $1,900 now serves as immediate support, while resistance remains near the psychological $2,000 level, followed by the $2,150 to $2,200 range.
