Ethereum stuck in $2.4K–$2.7K range amid whale accumulation
Ethereum whales return to Binance, but market stuck in tug-of-war
For most of May, Ethereum traded between $2,400 and $2,700, resembling the pattern of 2023 when ETH surged to nearly $4,000. However, to repeat that rally, it must first overcome persistent selling pressure.
In early May, as ETH began recovering, whale activity peaked at 10,000 daily transactions. But as the price stagnated, those numbers dropped to around 3,000.
Now the trend appears to be shifting. According to CryptoQuant analyst Darkfost, since May 19, whale orders on Binance have reappeared in large volumes — a potentially bullish signal.
“This is a complex indicator, and today it flashes something rare and powerful,” wrote Dark Frost on X, noting the last time it lit up this way was in December 2023, right before ETH soared from $2,200 to $4,000.
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This signal is crucial because whales tend to take early positions when macro trends start gaining strength.
Recent data shows that whales collectively purchased 301,000 ETH, and the net flow from large holders flipped from negative to +108,000 ETH — indicating that buying outweighs selling.
Smaller investors also seem to be joining the movement. Spot market activity registered a cumulative volume delta of +6.35K ETH, with buyers acquiring 57.3K ETH and clearly dominating sellers.
Bulls and bears locked in a tug-of-war
Despite whale activity returning to Binance, the ETH price hasn’t significantly responded.At the time of writing, Ethereum trades at $2,519, down less than 1% over 24 hours and up only 0.13% over the week.
ETF price dynamics for 7 days. Source: CoinMarketCap
This reflects ongoing selling pressure and a market caught in a battle between bulls and bears.
The current consolidation between $2.4K and $2.7K suggests that whales are absorbing outflows, but still not breaking resistance. Unless Ethereum buyers can not only absorb the selling pressure but outpace it, the market may remain trapped in this narrow range.
As we wrote, Institutional interest may drive Ethereum rally in June
