Ethereum Whales Scoop Up 449K ETH as Price Battles Critical $1,895 Resistance

Ethereum witnessed a major wave of accumulation after 449,000 ETH flowed into wallets that have never spent their holdings. According to on-chain data, this was the largest single-day inflow since 2018, showing a renewed vote of confidence in Ethereum’s long-term future.

Despite trading below the realized price of $1,981, large investors are not rushing to sell. Instead, they continue to accumulate more ETH, suggesting a firm belief in the asset’s recovery potential. Consequently, their actions underline strong conviction even during market weakness.

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Large Investors Continue Accumulating Despite Market Pressures

Ethereum faces strong resistance at the $1,895 price point in its current market situation. The cryptocurrency market data indicates a concentration of 1.64 million ETH at this same price point throughout November 2024. The essential breakthrough of the $1,895 resistance will enable Ethereum to stop its current downward trend of lower highs and lower lows.

The Ethereum network shows encouraging enhancement alongside its accumulation activities. The number of active Ethereum addresses has shown a 10 percent growth which indicates rising user involvement throughout the network. DeFi industry performance shows weakness since decentralized exchange trading volumes keep decreasing.

The market has been influenced by whale movements of whales in recent times. A user who maintained Ethereum for more than 900 days sold an ETH amount worth $27.6 million. The transaction led to a temporary price decline although Ethereum immediately resumed its stability levels.

Growing Optimism Fueled by Upcoming Ethereum Upgrades

Although Ethereum is still trading nearly 57 percent below its all-time high of $4,100, investor actions suggest deeper trust in its future. The upcoming Pectra upgrade, scheduled for May 7, is expected to enhance scalability, reduce transaction fees, and improve staking mechanisms.

Despite positive sentiment, Ethereum faces immediate technical challenges. A failure to surpass $1,895 could extend the current consolidation phase or lead to further declines. On the other hand, a confirmed daily close above $2,142 would indicate a strong bullish reversal pattern taking shape.

The combination of record-breaking accumulation, rising network activity, and upcoming upgrades is laying important groundwork for Ethereum’s future. Still, breaking key resistance levels remains essential for any sustained price recovery to occur.

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