- Ethereum wallets added 6M ETH in June, pushing accumulation addresses to an all-time high.
- SharpLink Gaming bought over 200K ETH, signaling growing institutional confidence in Ethereum.
- ETH options volume rose 34.49%, while long-to-short ratios show strong bullish sentiment.
Ethereum continues to show upward strength, trading above $2,500 and holding its position within a consolidation zone. The asset has seen strong accumulation from large holders, declining exchange supply, and positive derivatives market trends. These combined signals point toward a possible breakout in the near future.
Rising Accumulation and Strategic Institutional Purchases Support Price Stability
Ethereum is currently trading around $2,521, up from $2,428 recorded on June 29. The asset has maintained consistent gains over the last week, showing a 3.79% increase. Price action between July 2 and July 4 indicated strong buying momentum, even after a brief retracement from above $2,600.
According to data from Lookonchain, SharpLink Gaming acquired over 200,000 ETH, worth approximately $524 million, in spot and OTC transactions. These purchases reflect institutional confidence in Ethereum’s long-term value. Meanwhile, early investors have taken profits, with one large wallet moving over 4,000 ETH to an exchange.
Wallets with large ETH holdings added six million tokens in June. These wallets now control 22.75 million ETH, the highest on record. This steady accumulation has contributed to Ethereum’s ability to stay above key support levels and is seen as a driver of future price movement.
Technical Structure and Derivatives Market Support Further Gains
Ethereum remains within a well-established trading range between $2,190 and $2,750. Analysts note that the price is consolidating, and this structure may lead to a breakout. Claire, a market analyst, noted that Ethereum is forming a descending broadening wedge and that the asset is accumulating between two key zones.
The Ethereum derivatives market is also growing. According to Coinglass, options volume has risen by 34.49%, while open interest stands at $34.19 billion. On Binance, the ETH/USDT long-to-short ratio is 1.28, with top traders showing a ratio of 2.85. Claire has identified $4,000, $4,500, and $5,000 as potential targets if bullish momentum continues.
