TL;DR

Big investors scooped up more than $7 billion worth of ETH in the last 30 days. The assets price is trying to finally break $4,200. Fresh ETF inflows and a nine-year low in exchange balances point to further gains, though an RSI above 70 signals the possibility of a short-term cooldown.

Whales Filled Their Bags

The price of Ethereum (ETH) has been on a significant uptrend in the past month, rising by almost 50% to just south of $4,200. The resurgence was aligned with a massive accumulation from whales (investors who hold between 10,000 and 100,000 coins), who bought more than 1.8 million tokens during that timeframe.

The USD equivalent of the stash is over $7 billion, while this cohort of market participants now controls 28.5 million assets, or roughly 23.6% of ETHs circulating supply. 

Purchases of this type leave fewer coins available on the open market and could propel a further price rally (should demand remain steady or head north). The whales activity is also closely monitored by smaller players who might decide to mimic their move and distribute fresh capital into the ecosystem. 

Shortly after revealing the size of the accumulation, the popular X user Ali Martinez made a highly bullish price prediction. He argued that $6,400 becomes a magnet if ETH breaks above $4,000. 

Other optimistic analysts include CryptoELITES and Crypto GEMs. The former set the next target at $4,500, whereas the latter envisioned a price increase beyond $5,000 this summer.

Observing These Factors

At the start of the month, spot Ethereum ETFs experienced significant outflows; however, over the past three days, capital has begun flowing back into the funds. This suggests that investor interest remains solid.

Spot ETH ETF Inflows, Source: SoSoValue Next on the list is the amount of ETH stored on crypto exchanges, which recently dropped to a nine-year low. This development suggests that many investors have shifted from centralized platforms toward self-custody methods, which reduces the immediate selling pressure. 

ETH Exchange Reserve, Source: CryptoQuant On the other hand, ETHs Relative Strength Index (RSI) has climbed to bearish territory of 70. The technical analysis tool measures the speed and magnitude of recent price changes, and traders use it to spot potential reversal points. Readings above 70 indicate that the valuation has soared too rapidly in a short period and could be a precursor to a pullback. Anything below 30 is considered a buying opportunity.

ETH RSI, Source: CryptoWaves