Whales are accumulating strongly, Ethereum reserves on the exchange are falling sharply – A sign of a new bullish trend?

ETH reserves on exchanges are gradually depleting, while “whales” quietly purchase large quantities. Although the current price of ETH remains quite stable, behind that seemingly calm picture are signals full of potential that investors should pay special attention to.

Shrinking supply, increasing demand

Source: CryptoQuantThe amount of ETH on exchanges has fallen to its lowest level of the year, indicating that the available supply for sale is dwindling.

At the same time, large buy orders from whales continuously emerged, dominating the spot market — a clear sign of increasing buying pressure amid shrinking liquidity.

Source: CryptoQuantWhen the amount of ETH held on the exchange drops significantly and large buyers actively accumulate, just a small push in demand is enough to cause the price to break out strongly.

This scenario is reminiscent of the early stages of the growth cycle in 2020 — a time that marked the beginning of a new accumulation phase for Ethereum.

Stable open contract, funding rate turns positive

After the sharp decline earlier this week, the open contract total (OI) of Ethereum has gradually stabilized around the mark of 19.1 billion USD - a sign that traders are returning to open positions after the previous wave of liquidations.

Source: CoinalyzeAt the same time, the aggregated funding rate has slightly increased to a positive 0.008%, reflecting a cautiously optimistic sentiment re-emerging in the derivatives market.

The combination of these two indicators indicates that risk appetite and speculative activity are gradually recovering, while reinforcing the increasingly clear accumulation trend in the spot market.

ETH maintains a stable price, but the upward momentum is still weak

Ethereum is showing signs of stability after last week's strong sell-off, currently hovering around the $3,900 mark with a slight increase.

Source: TradingViewThe RSI index remains around the 42 level, reflecting a neutral to weak state of the market, while trading volume has noticeably decreased. The OBV indicator also shows that buying pressure is still not strong enough, implying that the accumulation process is occurring slowly rather than breaking out.

Currently, ETH is moving within the range of 3,800 – 4,000 USD — a key price area that could shape the next direction: either breaking up to the resistance area of 4,200 USD, or returning to test lower support levels.

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