Ethereum Battles at $2,400 as Crypto Whales Accumulate

1. Ethereum Faces Both Selling and Buying Pressures

The price of Ethereum (ETH) is fluctuating around the $2,400 mark, creating a noticeable tug-of-war in the market. While institutions and retail investors are selling off, ETH whales are seizing the opportunity to accumulate large amounts.

2. Ethereum Foundation and Outflows from Wallets

According to Lookonchain, the Ethereum Foundation transferred over 13,000 ETH (worth approximately $32 million) to a multisig wallet — often a prelude to major sell-offs. On-chain data also shows over 100,000 ETH deposited to Binance in a single day, highlighting rising selling pressure.

3. ETH Whales Are Quietly Accumulating Again

In contrast to the sell-off trend, Santiment data reveals that Ethereum whales have accumulated over 1.49 million ETH in the past 30 days. These whale addresses now hold around 3.72% of the total ETH supply — a significant share.

4. ETH Market Hovers in Neutral Territory

The RSI indicator is currently hovering around 48.6, signaling a neutral market. In the short term, ETH must break above the $2,400 zone to trigger a bullish momentum, or it may face a deeper correction if selling pressure persists.