• Spot-driven buying reduces liquid supply as whales move ETH to cold storage, mirroring pre-supply squeeze patterns.
• Pending Ethereum ETF decisions and 27% staking rate may tighten supply, balancing technical resistance against bullish on-chain signals.

Thirteen new Ethereum addresses holding 10,000+ ETH ($31 million each at current prices) emerged in 24 hours, reflecting renewed institutional and whale accumulation.

On-chain metrics show the count of these mega-wallets rebounding after months of decline, suggesting high-conviction buyers view sub-$3,200 ETH as a strategic entry point. The activity aligns with Ethereum’s 4.5% rebound from weekly lows, though prices face immediate resistance near critical moving averages.  

Ethereum trades at $3,119, down 1.36% daily, but its market cap holds at $386 billion despite a 5.33% drop in trading volume. The divergence between price stability and lower volume indicates accumulation via spot purchases rather than leveraged derivatives—a pattern often preceding supply squeezes.

Whale wallets moving ETH to cold storage reduce liquid supply, historically correlating with mid-term bullish reversals when demand outpaces available tokens.  

Technically, ETH struggles below its 50-day SMA ($3,278), a level it last sustained in early July. The 100-day SMA ($3,280) and 200-day SMA ($3,351) form layered resistance, requiring consecutive closes above $3,350 to confirm bullish momentum.

Traders note Ethereum’s Money Flow Index (MFI) at 34.98 near oversold conditions, typically a precursor to buyer re-entry. However, sustained upside hinges on flipping SMAs into support, which could catalyze a retest of $3,500.  

The whale accumulation coincides with pending SEC decisions on spot Ethereum ETFs, a potential catalyst for institutional inflows. While derivatives data shows reduced leverage—lowering liquidation risks—the spot-driven buying suggests holders anticipate structural shifts, such as ETF approvals or protocol upgrades. ETHNews analysts caution that failure to breach SMAs may trap ETH in a $3,000-$3,300 range until macroeconomic.

Market participants now monitor exchange net flows, with declining reserves signaling holder confidence. Meanwhile, Ethereum’s staking rate remains near 27%, locking tokens in validators and further tightening supply. 

The interplay between whale accumulation, technical thresholds, and regulatory developments will likely define ETH’s Q3 trajectory, as the asset balances bullish on-chain signals against persistent macroeconomic headwinds.

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