Recent data shows that mega whales holding at least 10,000 ETH have significantly increased their holdings, which may impact the market. This has been observed since July of this year when supplies increased by 9.31%.
Mega Whales Reclaim Their Holdings
The total ETH held by mega whales has reached over 41.06 million ETH as of July 7. This increase has occurred after falling to a record low of 37.56 million ETH in October 2024. The indicator increased by 9.31%, almost doubling the accumulation pace seen between May and September 2022.
Current ETH Market Structure
Currently, ETH is trading within a bull pennant pattern. This structure typically signals a trend continuation. The occurrence of failed breakout or breakdown within the structure suggests strong market consolidation.
Support and Potential Forecasts
A move towards the $3,400 level by August seems likely if ETH breaks the upper boundary of the pennant. Data indicates that over 3.45 million ETH have their cost basis within the $2,500–$2,536 range, highlighting it as a key support level.
Thus, the active accumulation by mega whales and the consolidation of ETH at current levels may signal a significant price movement in the cryptocurrency market.
