Ethereum Grinds to a Halt at $2.7K—But a Familiar 2023 Pattern Hints at What’s Next

Ethereum’s price action hits a wall at $2.7K, leaving traders sweating over deja vu from 2023. Could history repeat—or is this just another fakeout for bagholders?

Here’s the kicker: the same technical pattern that sparked rallies two years ago is flashing again. But with institutional money playing hot potato with crypto these days, don’t hold your breath for Wall Street to care.

Whale orders rise, netflows flip bullish

Source: CryptoQuant

In fact, since the 19th of May, Whale Orders on Binance started to show up again, reflecting growing market confidence.

This is significant, especially since whales position themselves early when a macro trend starts to show signs of strength.

Therefore, the shift in this metric shows that large entities on Binance are currently buying Ethereum.

Source: IntoTheBlock

When we look at the overall capital inflow from whales, we see that Ethereum whales cumulatively bought 301k ETH tokens.

With the altcoin’s Large Holders Netflow spiking from a negative value to 108k ETH, it suggested that whales are buying more than they are selling.

Spot buyers dominate as retail joins the move

In addition to the whale buying spree, other market participants are also buying Ethereum.

In fact, smaller investors appear to be joining the momentum. Spot market activity showed a Cumulative Volume Delta of +6.35K ETH. Buyers scooped up 57.3K ETH, firmly dominating sellers.

Source: CryptoQuant

Accompanied by a higher buying pressure from large holders, Ethereum Exchange Inflows have declined significantly.

Since hitting a positive value of 42k ETH four days ago, Exchange Netflow has dipped sustainably, holding within negative over this period. A negative netflow implies that even on exchanges, outflows are outpacing inflows, reflecting significant accumulation.

Source: IntoTheBlock

Impact on ETH?

Although Ethereum whales are back on Binance, whale activity is yet to positively impact ETH price movement.

As of press time, Ethereum traded at $2,512, down 0.38% on the day. This extended a four-day slide, showing that selling pressure still lingers.

This implies that Ethereum is still experiencing a strong battle between bulls and bears in the market.

In fact, the current consolidation between $2.4K and $2.7K shows the market is locked in a tug-of-war. Whale buys are absorbing exits, but not breaking resistance.

Thus, while buyers are active in the market, the same can be said for sellers. Therefore, until Ethereum buyers manage not only to absorb the selling pressure but also to outpace it, the market will remain stuck within this range.

If it happens so, a breakout above $2.7k will emerge.