Major holders of Ethereum are shifting positions as unrealized profits from wallets containing more than 100,000 ETH turn positive again.
Previously, these wallets remained underwater during declines near $200 and later near $1,000, where the price formed clear cycle lows.
As losses decreased, accumulation gradually increased. Then, when the rate rose above zero, the price began to stabilize and rise. Now, Ethereum (ETH) Trading around $2,000, whales have entered the profit zone again.
This change often marks a transition point rather than a clear direction.
On the one hand, profitable positions support momentum as confidence increases. On the other hand, rising profits could trigger distribution, especially near resistance.
As this balance develops, price movement becomes more dependent on demand force. This leaves room for volatility if selling pressure emerges, while also leaving room for a potential trend reversal.
On-chain accumulation grows as Ethereum faces intense supply
Ethereum’s structure now reflects the balance between renewed accumulation and heavy overall supply.
Total Realized Price It was hovering near $2,353 at press time, serving as a significant cost basis. The market’s direction becomes more sensitive as the price approaches this $2,350-$2,400 region.
Meanwhile, more than 100,000 ETH wallets have returned to profit, signaling increased confidence among major holders. Previously, these units remained on defense under water. Now, their positioning supports potential upside.
But, Foreign Exchange Outflows It surpassed 377,663 ETH, indicating that capital is shifting to long-term holdings. While this balance implies that accumulation is increasing, resistance still determines the pace of the recovery.
Expanding supply limits limits Ethereum’s on-chain momentum
Ethereum’s supply dynamics show expansion rather than contraction, which reshapes the typical accumulation narrative. circulating supply It stands at 121.55 million ETH with 38.26 million staked, but issuance still exceeds structural offsets.
1 million ETH is produced annually, only 16,000 ETH is produced burntThere was a growth rate of 0.82%.
Last week, the supply increased by 18,996 ETH as new tokens outpaced the removal mechanisms. This is important because increased liquid supply reduces scarcity, which weakens price pressure during recovery attempts.
Meanwhile, daily active addresses It fluctuates between 613,000 and 1.07 million, with recent attendance near 842,000 and erratic.
With retail demand inconsistent and whale flows muted, no dominant force is setting the tone. This balance means that Ethereum lacks strong momentum and the price remains dependent on constant demand to absorb the expanding supply.
Final Summary
- Ethereum (ETH) whale profitability turning positive indicates a transition phase where accumulation provides upside support while rising profits increase the risk of distribution near resistance.
- Ethereum is facing rising supply and unbalanced demand, which is limiting momentum and making price recovery dependent on sustained capital inflows.
