Key Takeaways
ETH faces a pivotal moment as whales accumulate $540 million, NVT and S2F ratios spike, and resistance at $3,200 tests bullish momentum amid rising volatility and short-term holder activity.
In just under two weeks, three Ethereum [ETH] whales have acquired over 174,000 ETH worth nearly $540 million, signaling strong institutional interest.
One address alone accumulated 68,141 ETH ($213.8 million) via FalconX, while two others added over 106,000 ETH from Kraken.
These transactions hint at growing confidence despite recent market uncertainty. At press time, Ethereum traded near $3,100, hovering below a key resistance zone.
This aggressive buying, particularly from entities with deep pockets, suggests a potential positioning for a significant price shift in the coming sessions.
Does the soaring NVT ratio hint at network inefficiency or…
Ethereum’s NVT ratio, which compares market cap to transaction volume, has skyrocketed to 194, at press time, the highest level this year.
Such elevated readings may reflect slower network activity despite rising prices, hinting at possible overvaluation.
Historically, steep NVT spikes have preceded either consolidation or price pullbacks. Therefore, while investor confidence remains high, the disconnect between price and utility raises caution.
This divergence could stall further upside unless on-chain activity strengthens to support Ethereum’s valuation.
Source: Santiment
Are short-term holders returning as realized cap HODL waves rebound?
The 1–7 day realized cap HODL wave climbed to 2.69%, as of writing, marking a sharp recovery after previous weeks of decline.
This metric tracks short-term holders actively moving coins, often tied to speculative activity or quick profit-taking.
The rebound suggests renewed short-term market interest, especially following whale accumulation and rising prices.
Therefore, if this trend continues, Ethereum may experience heightened volatility as traders react to short-term price swings.
This shift adds another layer of complexity to Ethereum’s current market dynamics.
Source: Santiment
Stock-to-flow ratio hits 592: Is Ethereum becoming too scarce to ignore?
Ethereum’s Stock-to-Flow Ratio also exploded to 592, at the time of writing, the highest reading in recent memory.
This sharp rise reflects a perceived supply squeeze, as circulating ETH becomes scarcer relative to issuance.
Such conditions often drive bullish narratives, especially when paired with accumulation from whales. While S2F remains a long-term valuation tool, this abnormal surge may reinforce market confidence.
However, if demand weakens or holders take profits, the market could face swift reversals. Hence, close monitoring of demand metrics remains essential.
Source: Santiment
Will $3,100–$3,200 trigger a breakout or a liquidation storm?
Binance’s ETH/USDT liquidation heatmap shows dense clusters between $3,100 and $3,200, suggesting strong short positions and potential price traps.
Ethereum’s recent push toward this zone has sparked liquidations and could fuel more upside if bulls maintain pressure. However, a failure to flip these levels into support might trigger cascading liquidations on the downside.
Therefore, this price zone acts as a battleground where leverage and momentum will decide the next major move. The outcome could shift Ethereum’s near-term trajectory significantly.
Source: CoinGlass
Can Ethereum sustain this momentum, or is caution justified?
Ethereum could sustain its momentum if bullish demand remains strong and on-chain activity improves.
Whale accumulation and soaring stock-to-flow suggest confidence and scarcity, supporting a bullish thesis.
However, the elevated NVT ratio and resistance around $3,200 raise caution about a potential reversal.
Therefore, Ethereum’s next move depends on whether buyers can break through resistance with volume-backed momentum or if overvaluation concerns trigger a pullback.