The largest Ethereum wallets now control more than 22% of the supply amid a new accumulation wave

It appears that the largest holders of Ethereum are increasingly active again.

The price of Ethereum (ETH) briefly fell below the $2,000 threshold this week for the first time since March 29. While the price has since stabilized and is currently trading near $2,002, it is still roughly 60% below the August high of around $5,000.

But the data suggests that the largest whales in ETH are accumulating again

ETH whales are tightening their grip on supply

Wallets holding at least 100,000 ETH now collectively hold 17.41 million ETH, a nine-week high. These collectibles account Compared to 22.03% of the total supply of Ethereum, it reaches its highest level in 10 weeks.

The latest results come after Santiment I mentioned That the asset fell below $2,000 sparked a wave of “buy the dip” calls from retail traders. According to the analytics firm, cryptocurrency markets typically react to sharp declines in two ways: either fear takes over, and traders start abandoning assets, or optimism grows as traders see falling prices as a buying opportunity.

The second reaction seemed to dominate sentiment around ETH despite the recent weakness, essentially meaning that retail traders were increasingly confident that the decline represented a discounted entry point rather than a warning sign of a deeper downtrend.

However, Santiment warned that excessive optimism on the part of the public has historically been a bearish signal, as retail traders often misread market direction during volatile periods. The company went on to add that a stronger buying opportunity may emerge once the current FOMO situation fades and sentiment shifts toward panic, which it described as a more typical setup seen near market bottoms.

Downside goals

Bearish technical signals have not completely disappeared from the market. Cryptocurrency analyst Ali Martinez, for example, He said Ethereum could see accelerated downward pressure if it posts a weekly close below the $1,850 level.

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Based on the broader channel structure, Martinez identified two potential downside targets after the rejection. The first target is around $1,560, which he described as temporary structural support, while the second target is near $1,070, which represents the lower end of the crypto asset’s multi-year range.