Ethereum Whale Activity Surges, but Price Stalls — What’s Holding ETH Back?

Ethereum’s muted price performance over the past several weeks has become a growing concern for investors. Despite broader signs of recovery across the crypto market, ETH remains sluggish.

The coin’s price continues to struggle below the $2,600 region, reflecting weakness in demand, particularly from retail participants.

Ethereum Stalls as Whale Support Fails to Spark Retail Demand

Readings from the ETH/USD one-day chart reveal that ETH has been locked in a sideways trend since May 9. During this period, the leading altcoin has faced resistance near the $2,750 level, while finding support around $2,185.

A recent CryptoQuant report suggests that this stagnation stems from a deadlock between strong whale accumulation and declining retail participation.

According to the report, whales have consistently moved around 60,000 ETH per week into staking contracts, demonstrating long-term confidence in the network and its coin. Per CryptoQuant’s data, the total value of staked ETH has reached 36 million coins, climbing 3% in June.

Ethereum Total Staked Value. Source: CryptoQuant

Also, large-scale exchange withdrawals—some exceeding 200,000 ETH—highlight these investors’ attempts to absorb selling pressure and reduce available supply. 

When the total value of ETH staked climbs, it signals growing confidence among key holders in the coin’s long-term prospects. This, combined with a decline in exchange inflow, often tightens market liquidity and potentially supports price stability.

However, this has not been the case for ETH. Retail demand remains weak despite the bullish behavior of larger investors. 

The CryptoQuant report notes that daily active addresses trading ETH have plateaued between 300,000 and 400,000, a far cry from the levels typically seen during bullish breakouts. 

Ethereum Active Addresses. Source: CryptoQuant

While whales continue to absorb ETH, the decline in retail demand for the coin has left its price stuck within a range. 

ETH Eyes Breakout Above $2,750

At press time, ETH trades at $2,602. A resurgence in demand could see the altcoin break above the key resistance level at $2,750, potentially paving the way for a rally toward $3,067.

ETH Price Analysis. Source: TradingView

However, if bearish pressure intensifies, ETH  risks sliding further to $2,424.