Ethereum Whales Continue Accumulating, Can Price Overcome Key Resistance?

Recent on-chain data reveals a significant increase in the number of Ethereum accumulation addresses, with total holdings exceeding 24 million ETH, a substantial jump from less than 10 million prior to 2023. According to data from CryptoQuant and analysis by market commentator James Easton, these addresses largely belong to long-term holders who rarely transfer funds to exchanges. Their continued accumulation reflects strong confidence among core market participants.

Despite multiple cyclical fluctuations in ETH's price over the past few years, its gains have consistently lagged behind the growth rate of accumulation addresses' holdings. Notably, the accumulation curve showed a near-vertical, steep increase between 2025 and early 2026, indicating that large holders actively absorbed tokens during price volatility, creating a clear trend of capital concentration.

Concurrently, the four-hour chart shows that Ethereum's price has recently encountered significant resistance within a key resistance zone. Analyst Kamran Asghar points out that the price has repeatedly reversed quickly after touching the upper boundary, failing to achieve a sustained breakout. The most recent rebound briefly broke through the resistance level but was immediately pushed back down by selling pressure, forming a typical "false breakout" pattern. The current price is in the middle of the range, closely above a short-term buying area that has provided support multiple times. If the price retraces to this support zone again, it may trigger a brief rebound. However, the overall technical structure still leans towards testing the lower boundary of the range as the next key support level. Market sentiment is delicately balanced between continued whale accumulation and short-term price resistance. Future movements will depend on the strength of the breakout and the accompanying trading volume.