Ethereum is maintaining a steady presence around the $1,800 mark, with whale activity surging as a significant new Layer-2 network emerges, enhancing demand for ETH. As of now, ETH is trading at $1,807, reflecting a modest increase of 0.26% for the day. Notably, the price has held above the $1,800 threshold for three consecutive days, indicating a potential consolidation phase.
Recent on-chain data reveals that two substantial wallets, likely associated with the same entity, have acquired a total of 11,306 ETH, valued at approximately $20.59 million. This includes a purchase of 6,358 ETH for $11.59 million and a separate withdrawal of 4,948 ETH worth $9.01 million from an exchange, which elevated the whale’s holdings to 49,407 ETH, equivalent to $84.3 million. This notable acquisition underscores the growing interest from large investors as the market sentiment begins to shift.
Crypto analysts are keeping a watchful eye on the key resistance level at $1,850. A prominent voice in the community, Ali Charts, has suggested that a breakout above this point could trigger further bullish momentum for ETH. His analysis highlights the importance of this threshold for traders looking to capitalize on potential price increases.
Exchange Outflows Hit Record Streak
In another noteworthy development, Ethereum’s Exchange Netflow has shown a negative trend for eight consecutive days—the longest such streak this year. This outflow trend is significant as it indicates that more ETH is being withdrawn from exchanges than being deposited, suggesting that holders are opting to store their assets in private wallets rather than selling. Such behavior typically reduces the circulating supply of ETH on the market, often leading to upward price pressure.
The Exchange Supply Ratio has dropped to a three-week low of 0.13, a historical precursor to price increases for ETH. Additionally, the Relative Strength Index (RSI) has remained above 50 for the past eight days, reinforcing the narrative that demand is driving current price dynamics.
Robinhood Chain Fuels New Demand
The launch of Robinhood Chain—a new Layer-2 network—has introduced a fresh source of demand for ETH, as this network utilizes ETH as its native gas token. So far, around $141 million in ETH has been bridged to the network, which boasts over 500,000 active wallets. In the past 24 hours, Robinhood Chain has recorded DEX volume surpassing that of both the Ethereum mainnet and competing Layer-2 solutions, reaching an impressive $877.56 million. This is indicative of the platform’s growing popularity, which serves customers across 120 countries and offers a range of tokenized assets.
Leon Waidmann, head of Research at Lisk, has pointed out that Ethereum’s Total Value Locked (TVL) has surpassed $260 billion, exceeding its current market cap of $210 billion. This disparity suggests that ETH may currently be undervalued in the market. Moreover, Ethereum commands a substantial 47% market share in Real World Assets, reinforcing its position as a leader in the blockchain space.
For Ethereum to maintain its current bullish structure, analysts are advising that it must close above the short-term moving average set at $1,778. As the landscape evolves, traders and investors alike will be keenly observing these developments, particularly with the potential for the price to reach the much-anticipated $2,000 target in the near future.
