Ethereum Holds Above $2,500 as Institutional Investors Accumulate ETH
Ethereum is maintaining a support level above $2,500 despite a recent drop from $2,880. While retail investors are selling off, institutional investors and whales are accumulating ETH.
- On-chain data from Glassnode indicates that wallets holding between 1,000 and 10,000 ETH have reached a yearly high in supply.
- A whale borrowed $10 million in USDT to purchase 3,983 ETH at approximately $2,510.
- Ethereum's current trading price is around $2,545.
- Weekly new wallet creation has surged to between 800,000 and 1 million, up from 560,000–670,000 last year.
- Over 500,000 ETH was added to staking pools between June 1 and June 16, raising the total staked supply to over 35 million ETH.
- Spot ETH ETFs experienced significant inflows, totaling over $861 million in the last two weeks, the highest since January.
Analysts identify the $2,800 level as key resistance, suggesting a potential upward movement if it becomes support.