Ethereum’s Average Order Size on Binance has seen a significant spike, indicating a potential return of whales to the market. Despite the heavy buying pressure, ETH has remained range-bound between $2.4K and $2.7K, failing to break out of this consolidation phase.
Recent on-chain data suggests that large buyers, known as whales, are making a comeback on Binance after a period of subdued activity. While whale transactions surged to 10,000 daily during ETH’s recovery in May, they dropped to as low as 3,000 as prices stagnated. However, the latest metrics indicate a reversal of this trend.
CryptoQuant’s analyst, Dark Frost, noted that Ethereum whales are back on Binance, as evidenced by the Average Order Size metric. This metric has not shown such activity since December 2023, just before ETH’s price surged from $2.2k to $4k.
Whale orders on Binance have been on the rise since May 19th, signaling a growing confidence in the market. This increase in whale activity suggests that large entities are accumulating Ethereum, positioning themselves early in anticipation of a potential uptrend.
Furthermore, data on Ethereum’s Large Holders Netflow indicates that whales have been buying more ETH than they are selling. This positive netflow, coupled with a cumulative purchase of 301k ETH tokens by whales, reinforces the bullish sentiment among large investors.
In addition to whale activity, retail investors are also jumping on the Ethereum bandwagon. Spot market data shows a strong buying momentum, with buyers dominating sellers by a significant margin. The Cumulative Volume Delta reflects a positive trend, with buyers scooping up 57.3K ETH in the spot market.
Moreover, Ethereum Exchange Inflows have declined notably, with Exchange Netflow remaining negative for several days. This negative netflow suggests that outflows are surpassing inflows on exchanges, indicating substantial accumulation of ETH.
Despite the resurgence of whale activity and strong buying pressure, Ethereum’s price has failed to break out of its current range. At the time of writing, ETH is trading at $2,512, showing a slight decline. The market remains locked in a battle between bulls and bears, with buyers absorbing selling pressure but struggling to break resistance levels.
Until Ethereum buyers can overcome the selling pressure and push the price above $2.7k, the market is likely to remain range-bound. A breakout above this key resistance level could signal a potential uptrend for ETH in the near future. The advancement of technology has completely transformed the way we live, work, and communicate. From the invention of the wheel to the discovery of electricity, each new technological breakthrough has propelled humanity forward in unimaginable ways. In recent years, we have witnessed an unprecedented acceleration in the pace of technological innovation, with new inventions and discoveries being made at an astonishing rate.
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