On-chain data reveals a significant surge in Ethereum accumulation by large holders, marking the second-largest inflow of this market cycle. On March 26, a substantial 466,500 ETH flowed into accumulation addresses, a volume described by analyst CW8900 as a clear signal of whale conviction. This aggressive buying is occurring even as the price of ETH hovers near the $2,000 psychological level, creating a notable tension between heavy accumulation and flat price action.
Whale activity is not limited to accumulation addresses. A prominent wallet linked to Chun Wang, co-founder of the Bitcoin mining pool F2Pool, withdrew 9,000 ETH (worth ~$17.86 million) from Binance and deposited the entire sum into the Aave lending protocol to generate yield. This entity's total holdings now stand at approximately 79,818 ETH, valued at around $158.72 million. In a similar move, an unidentified whale withdrew 9,976 ETH from Binance in a two-hour window, further signaling a trend of large-scale capital moving off exchanges.
Despite this bullish accumulation, short-term trader sentiment remains cautious. Analysts like Columbus0x predict a "weekend probably just chops around here" near $2,000, with a potential dip toward the $1,900 liquidity zone early next week. This scenario is seen by some as a possible liquidity sweep before any sustained recovery. The market's direction is poised between the long-term setup indicated by whale buying and the near-term technical pressure, with weekend trading volume likely to be the deciding factor.
