Ethereum (ETH) had a remarkable run, driven by positive on-chain fundamentals and massive accumulation from whales. The cryptocurrency, which has surged in recent weeks, pumped 7.7% from $2,230 to $2,401 over a 24-hour span. This positive movement ended with ETH now trading at $2,420, up 8.61% in the last 24 hours.

ETH temporarily hit an intra-hour high of $2,434.95 before settling into a brief consolidation. The rally had the tailwinds of bullish network fundamentals and aggressive accumulation. The digital asset’s recent price performance signals increasing confidence in its crypto technology and market leading position.

Siamak Masnavi, a researcher and consultant with specializations in blockchain technology, cryptocurrency regulations, and macroeconomic trends, has been following these issues very closely. His analysis shines a light on what’s been driving Ethereum’s recent price action. Masnavi has a PhD in computer science from University of London.

Masnavi began his career in software development, gaining four years of experience in the banking industry across London and Zurich. He became a full time cryptocurrency journalist in April 2018, and stayed there until January 2025. Since then, Masnavi has focused exclusively on research concerning blockchain technology, cryptocurrency regulations, and macroeconomic trends shaping the crypto market.

From a purely technical analysis standpoint, the resistance level at $2,275 has now flipped into a support level. This change signals that the momentum to buy is increasing. High-volume support has developed between $2,220 and $2,230, with initial buying interest at $2,191.36. The price broke out above $2,400 between 22:02 and 22:11, accompanied by a volume spike to 28,149 ETH.

During the last three hours of the session, trading volume exploded to 2.5 times the 24-hour norm. To be clear, this is a dramatic increase — a testament to the rally’s impressive strength. This surge in volume shows significant conviction in the buyers and provides validation for the strong price movement to the upside.

Ethereum’s network fundamentals remain robust. Since around mid-May, the network has been adding over 1 million new ETH wallet addresses per week. That’s a phenomenal 50% jump over this period last year. This rapid increase in new addresses is a very positive indicator, showing a growing adoption and user engagement with the Ethereum network.

On-chain data suggests that $265M+ in ETH was purchased by big wallets amidst recent price retracement. Moreover, one wallet in particular bought up 47,070 ETH ($113M), across three days. Such significant accumulation by institutional players usually indicates a bullish sentiment on the asset’s long-term performance.