Ethereum Surges Past $2,600 Amidst Whale Activity and Staking Growth
Ethereum’s recent ascent beyond the $2,600 mark has been propelled by a confluence of factors, including a resurgence in whale transactions, a record number of non-empty wallets, and significant developments in the realm of staking, according to data from Santiment Intelligence.
While an increase in whale transactions doesn’t definitively signal accumulation, as large transfers can represent both buying and selling, the price action of Ether (ETH) has shown a clear inclination towards purchases.
Santiment’s analysis reveals that the number of non-empty Ethereum wallets has reached an all-time high, exceeding 207 million. This growth indicates a continued broadening of ETH ownership, even after periods of subdued price performance. Concurrently, a substantial portion of Ethereum’s circulating supply remains committed to staking, rather than being held idly.
With entities like Bitmine actively staking significant token holdings, the total amount of ETH currently staked has surpassed 40 million. Furthermore, Ethereum continues to dominate the decentralized finance (DeFi) landscape, boasting a total value locked (TVL) of approximately $50 billion.
This combination of on-chain metrics underscores the underlying strength behind Ethereum’s latest recovery, which saw the leading altcoin rebound from below $2,400 to its current position above $2,600. Ethereum’s investment appeal appears to extend beyond short-term price speculation, with the asset deeply integrated into staking, stablecoins, lending, decentralized exchanges (DEXes), and other DeFi applications.
Adding to the positive momentum, the cost of transacting on the Ethereum network has become significantly more affordable. The average transaction fee has fallen to below $0.10, representing a decrease of over 85% from its peak of $0.72 in April.
This improving on-chain environment coincides with Ethereum approaching a critical technical resistance level. Popular analyst Ted Pillows has identified the current resistance zone as a significant hurdle for ETH’s recovery, suggesting that a sustained breakout could pave the way for new local highs.
On a shorter timeframe, Pillows indicated that a weekly close above $2,550 would strengthen ETH’s potential to reach the $2,900-$3,000 range, a projection echoed by recent analysis from Ali Martinez. Looking further ahead, the long-term outlook for Ethereum appears even more optimistic. Pillows has set an ambitious target of $10,000 for the asset, citing its need to “catch up with global M2 supply.”
[Image: A tweet from Ted Pillows stating “Ethereum has a lot of catching up to do with global M2 supply. $10,000 ETH remains the target by 2029.”]
