Ethereum has once again drawn whale attention after a wallet, widely speculated to be linked with early crypto figure Erik Voorhees, made a fresh accumulation move.
According to Lookonchain, the address previously acquired 122,355 ETH worth around $264.37M. It recently spent 887.9K USDT to purchase 431.8 ETH, extending its long-standing accumulation pattern.
Source: Lookonchain’s X Post
Lookonchain says the wallet reflects strong long-term conviction in Ethereum despite ongoing market volatility. Although unconfirmed, its attribution is based on observed transaction behavior and community analysis.
While smaller than prior acquisitions, the latest buy signals consistent accumulation, prompting speculation that large holders may be quietly increasing exposure to ETH again.
Also Read: Ethereum April 10 Forecast: Can Strong Support Push ETH to $2,300?
However, the data from Nexo pointed out that Ethereum’s exchange-held supply has dropped to its lowest level since 2016, marking a major structural shift in market liquidity. Most ETH is being withdrawn into staking contracts, where assets are locked by design.
Entry queues have stretched near 50 days while exit queues remain thin, signaling strong holder conviction and reduced circulating supply available trading.
Source: Nexo’s X Post
As the number of tokens held on the centralized exchanges decreases, the liquidity of the market is drying up.
This means that Ethereum will become more volatile to any buying pressure, and even the smallest amount of funds entering the market will cause large-scale volatility in the market due to the scarcity factor rather than speculation.
Furthermore, from the price action perspective, for more than five years, Ethereum has been consolidating within the $1,500 to $4,100 price range.
According to the crypto analyst Crypto Patel, this represents 60 months in an extremely prolonged period where prices have neither risen nor fallen significantly. There is optimism that after such a long consolidation, momentum should be on the way to either break higher or lower.
Source: Crypto Patel’s X Post
During the period from 2018 to 2020, Ethereum managed to generate a breakout, which resulted in an explosive 13x gain.
This means that another such breakout could see prices go above the $35,000 level, making the price range below $2,000 a great buy signal for those who pay attention to it.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum Struggles to Break $2,100-$2,150 Resistance Amid ETF Outflows
