Ethereum Surges with Whale Power: Big Money Bets Big on ETH!

Price Action

Ethereum is flexing its muscles, hitting $2,575 and up 1.5% in the last day. Over the past week, it's been bouncing between $2,473 and $2,869, holding steady amidst global market jitters sparked by the Israel-Iran conflict.

Trading Volume Skyrockets

Holy crypto, Batman! Ethereum's trading volume just exploded. In the last 24 hours, spot trading volume soared over 32% to a whopping $14.27 billion. Futures trading isn't far behind, up 26.46% to $53.09 billion, and open interest jumped 1.20% to $35.13 billion. Traders are piling in, ready to ride the next big wave.

Whales and Sharks Dive In

On-chain data's screaming action! Wallets with 1,000 to 100,000 ETH are snapping up coins like there's no tomorrow. These heavy hitters, known as whales and sharks, gobbled up 1.49 million ETH last month alone. They now control a hefty 26.98% of the total supply, while smaller fish are cashing out their profits.

Institutions Go All In

Big money's not sitting on the sidelines. BlackRock’s iShares Ethereum Trust just scooped up over 1.5 million ETH, worth a cool $4 billion. They grabbed nearly $240 million worth between June 3 and June 6. This month alone, BlackRock's added over $500 million in ETH. And they're not alone—Cumberland and Galaxy Digital are also upping their stakes, showing institutional players are all in.

Technical Analysis

On the tech side, Ethereum's flirting just below its 20-day average and squeezing into a tighter range. Bollinger Bands are pinching in, hinting at a big move soon. The relative strength index is chill at 52, but with volume and whale action ramping up, we could see prices climb.

Momentum Indicators

Even though they're a bit weak, momentum indicators like the 10-period momentum and moving average convergence divergence (MACD) seem to be finding their footing. If the MACD line jumps above the signal line soon, buckle up for some bullish action.

Key Levels to Watch

Keep your eyes peeled! If bulls can break $2,600 with solid volume, the next stop could be $2,870. A close above that, and we're gunning for $3,000. But if it can't hold above the 20-day average, watch out for a dip back to the lower Bollinger Band around $2,400.