Ethereum’s Price: A Galactic Adventure in Stalling and Accumulating 🚀

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The price of Ethereum, that wondrous digital currency, remains in a consolidation phase, but is showing signs of accumulation, which may lead to a bullish breakout. Or, as some might say, it’s just taking a little breather before it decides to zoom off into the stratosphere. 🌠

Ethereum (ETH) was trading at around $2,500 at the last check on Saturday, July 5, within a narrow range it has maintained since May. It’s like it’s stuck in a cosmic traffic jam, but hey, at least it’s not going backward. 🚗

Third-party data shows that whales and Wall Street investors have increased their Ethereum positions in the past few months. SoSoValue shows that spot ETH ETFs added over $219 million in assets this week, continuing a trend that started in May. It was the eighth consecutive week of inflows, a sign that these investors expect its price to rebound. Or, as they might put it, they’re betting on the next big cosmic leap. 🚀

More data indicates that whales continued to buy Ethereum this week, with addresses holding between 10 million and 100 million tokens increasing their positions to 64 million tokens. It’s like they’re stocking up on intergalactic fuel. 🌌

Similarly, as the chart below shows, the supply held by top addresses continued its strong uptrend, reaching a high of 75.6 million. It’s as if they’re preparing for a long journey through the crypto cosmos. 🌠

Ethereum balances on exchanges fall, staking levels rise

There are now 7.3 million ETH tokens on exchanges. That’s down from 10.73 million in February. Falling exchange balances is a sign that investors continue moving their coins to self-custody. It’s like they’re taking their spaceships out of the public hangar and parking them in their own cosmic garages. 🚀🏠

More investors are staking their ETH coins. StakingRewards data shows a net increase of 2 million coins, worth over $4 billion, in staking pools. This increase has pushed the staking ratio to 29.45% and the staking market cap to nearly $90 billion. It’s like they’re all joining a cosmic staking club, where the rewards are as vast as the universe itself. 🌌💰

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The daily chart shows that Ethereum price has remained in a tight range since May this year. The accumulation and distribution indicator has continued rising and is hovering near its highest level this year. It’s like it’s been doing a cosmic dance, waiting for the right moment to break free. 🕺

Ethereum has formed a bullish flag pattern, comprising a vertical line and a horizontal consolidation. This pattern often leads to a strong bullish breakout, equivalent to the height of the flagpole. In this case, the flagpole has a height of about 52%, and measuring it from the breakout point gives a target price of $4,287. Gains to that target level will be confirmed if it rises above last year’s high of $4,100. It’s like it’s setting its coordinates for a distant, but very lucrative, star system. 🌠🚀

The bullish Ethereum price forecast will become invalid if it drops below the psychological point at $2,000. But let’s not get too pessimistic; after all, in the vastness of the crypto universe, anything is possible. 🌌✨

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2025-07-05 20:39