Ethereum has seen its consolidation period under a $2,681 resistance over the past month. Nevertheless, the price action is relatively stable.
However, due to a massive accumulation of investors led by Consensy and others, Ethereum may experience a turning point and show a rise in prices.
Ethereum finds demand from investors
Investor sentiment shifted in favor of Ethereum, with accumulation rising significantly since the beginning of June. After consistent sales at the end of May, investors purchased more than 300,000 ETH, reaching $778 million since the beginning of June. This increased accumulation has increased confidence in Ethereum’s future price potential.
According to Arkham, one of the key players in this bullish sentiment was Consensy, who reportedly bought more than $300 million in Ethereum from Galaxy Digital. The move highlights the growing conviction of Ethereum’s long-term value as large entities continue to secure their position. Players at these institutions show confidence in ETH, which could pave the way for wider investors’ trust.
Changes to Ethereum Exchange net position. Source: GlassNode
Looking at the momentum of Ethereum’s macros, the IOMAP indicator reveals a strong demand zone between $2,378 and $2,454. The zone has more than 65.11 million ETHs and is worth nearly $169 billion, making it unlikely to see a significant sale in the near future. This massive accumulation provides stability and protection against sudden drops in Ethereum prices.
Ethereum remains well supported by these large investors, so the accumulation pattern appears to be solid. Without sales pressure from holders within the demand zone, the risk of dramatic price corrections can be reduced, otherwise affecting ETH prices.
Ethereum iomap. Source: IntotheBlock
ETH Prices are waiting for a breakout of integration
Ethereum is currently trading at $2,611, but still has significant resistance at $2,681. To break past this resistance, Ethereum needs more momentum. This can be driven by ongoing accumulation and positive investor sentiment.
If local support remains intact, ETH could successfully flip the $2,681 resistance level. Such a breakout could drive Ethereum towards $2,814 at the next point of resistance, extending recent profits.
Ethereum price analysis. Source: TradingView
However, if broader market sentiment becomes bearish, or if sales pressure rises, Ethereum can immerse itself in $2,500. A drop to this level will negate bullish outlook, extend the current integration period, and make it essential for ETH to maintain support levels.
