What are the Ethereum whales seeing that we’re not? Big holders seem to be moving early, while Ethereum’s on-chain activity is steadily strengthening its long-term value. Since the 26th of December, wallets holding large amounts of ETH have steadily increased their balance. Supply Held by Whales has risen from roughly 100.48 million ETH to about 100.8 million ETH per Santiment data; this is an addition of nearly 300,000 ETH.
At current prices near $2,940, that translates to over $850 million flowing into large wallets in just a few days. This buying has happened while price action remained relatively flat; whales are positioning. The underlying economy continues to expand, and that’s what we should be seeing. Token Terminal data showed Ethereum’s Total Value Locked (TVL) at $330.7 billion, while its Fully Diluted Market Cap sits around $353.2 billion, putting the valuation multiple near 1.1x.
In simple terms, ETH’s price is closely tracking the size of the economy built on top of it. As DeFi, stablecoins, and RWAs grow on Ethereum, they reinforce demand for ETH itself. Ethereum’s daily chart showed price struggling to regain pace after slipping below key moving averages (MAs). At press time, ETH was trading around $2,940, still capped beneath the 50, 100, and 200-day EMAs, which acted as overhead resistance between $3,100-$3,380.
Momentum indicators also show that traders are a bit hesitant. RSI showed weak bullish strength, while the MACD made it clear that upside pressure is fading. Sellers haven’t forced a breakdown, but buyers also lack confidence. For now, ETH is stuck in consolidation.
A big move is likely only if volume and acceleration return in force. With whales adding $850M+ in ETH while price stays flat, whales are prepping ahead of a larger move. As long as Ethereum’s $330B+ on-chain economy holds steady, downside pressure looks limited. The signs may not be easily visible yet, but they’re starting to add up.
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