Ethereum Whales Accumulate ETP Inflows Drive Rally to $3.4K
Ethereum continues to attract strong institutional demand, logging an 11th straight week of net inflows into Ether ETPs, amounting to $225 million last week alone. Meanwhile, on-chain data shows whale holdings have climbed 9.31% since October to over 41 million ETH. These dynamics coincide with a classic bullish pennant on ETH’s chart, marking consolidation ahead of a potential breakout.
Technically, Ether has held above its 20-day EMA at $2,507 and sits within a symmetrical triangle, with critical support at $2,500–$2,536. A decisive close above $2,635 could trigger rallies toward $2,751, the $2,738–$2,879 zone, and even $3,400 by August, according to pole measurement. Conversely, a drop below the $2,364 triangle support or the 20-day EMA raises the risk of a pullback to $2,323 and $2,111.
With Ethereum’s Proof of Stake upgrades drawing more ETH into staking and potential spot ETH ETFs on the horizon, market fundamentals remain robust. Traders should monitor whale wallets, ETP inflows, pennant volume signals, and key support levels for entry and risk management.
Bullish
This news highlights sustained institutional inflows into Ether ETPs and significant whale accumulation, both reinforcing bullish momentum. The formation of a classic bullish pennant alongside key technical levels—20-day EMA support and a symmetrical triangle—suggests a high probability of a breakout. Fundamental drivers such as PoS staking and potential spot ETH ETFs further underpin a positive medium-term outlook. Short-term, traders may capitalize on a close above $2,635, while long-term, the convergence of on-chain and technical indicators points to continued upward pressure toward $3,400.