Ethereum Makes a Move—But Will It Last?
Ethereum’s price has jumped over 8% in the last two days, pushing from around $2,400 earlier this week to nearly $2,600 as of this writing. That’s a solid gain, but what’s behind it? Digging into the data, two things stand out: more ETH is being staked than ever, and big players are quietly stacking up their holdings.
It’s not just retail traders driving this. On-chain analytics show accumulation addresses—wallets that mostly buy and hold—are inching toward all-time highs. These aren’t day traders. They’re the kind of investors who park ETH and forget about it, at least for a while.
Staking Surge and Institutional Interest
According to a CryptoQuant analysis, liquid staking has been picking up steam since June. The amount of ETH locked in staking contracts climbed from 34.54 million to 35.52 million in just 30 days. By July 1, it hit a new record at 35.56 million.
Who’s behind this? Probably not your average crypto enthusiast. The numbers suggest institutional money, ETFs, and other deep-pocketed investors are parking ETH in staking protocols like Lido or Binance’s offering. They’re earning yield while waiting for prices to climb further.
And then there’s the accumulation trend. These buy-and-hold wallets grew by over 35% in June, from 16.72 million to 22.74 million. The interesting part? The average cost basis for these addresses is around $2,114. With ETH now near $2,600, that’s a tidy 22% profit. Not bad for sitting tight.
Could ETH Break Out Soon?
Some analysts think so. One chart watcher pointed out that Ethereum is flirting with a breakout from a broadening wedge pattern—a technical setup that, if confirmed, could push prices toward $4,200. That’s a big “if,” though.
There’s also chatter about institutional players making moves reminiscent of MicroStrategy’s Bitcoin buys. Names like Tom Lee and Joe Lubin have hinted at ramping up ETH holdings, which might explain some of the recent accumulation.
But here’s the catch: ETH needs to hold above $2,200. If it doesn’t, things could get messy. A drop below that level might send it tumbling toward $1,160—a scenario no one’s eager to see.
For now, though, the mood is cautiously optimistic. ETH is up another 1.7% in the past day, trading around $2,593. Whether this momentum holds depends on a mix of staking demand, big-money moves, and, let’s be honest, a bit of luck.
*Charts from CryptoQuant and TradingView, image via Unsplash.*
