#Crypto Market Rebound#  Ethereum Whale Activity Increases, Price Stagnant — What’s Holding ETH Back?

Ethereum’s sluggish price performance over the past few weeks is becoming a growing concern for investors. Despite signs of a general recovery in the cryptocurrency market, ETH remains stagnant.

The coin’s price continues to struggle below the $2,600 region, reflecting weak demand, particularly from retail participants.

Ethereum Sees No Individual Demand Despite Whale Support

Data from the ETH/USD one-day chart shows that ETH has been locked in a sideways trend since May 9. During this time, the leading altcoin encountered resistance at $2,750 and found support around $2,185.

It is suggested that this stagnation is due to a stalemate between strong whale accumulation and decreasing individual participation.

According to the report, whales are showing their long-term trust in the network and the coin by moving around 60,000 ETH into staking contracts per week. According to the data, the total value of staked ETH reached 36 million coins and increased by 3% in June.

Additionally, large-scale crypto exchange withdrawals, some exceeding 200,000 ETH, highlight the efforts of these investors to absorb selling pressure and reduce the available supply.

When the total staked value of ETH increases, this indicates increased confidence among key holders in the coin’s long-term prospects. This, combined with a decline in crypto exchange inflows, typically tightens market liquidity and potentially supports price stability.

However, this has not been the case for ETH. Despite the bullishness of large investors, individual demand remains weak.

He notes that daily active addresses trading ETH are pegged between 300,000 and 400,000, a far cry from levels typically seen during bullish breakouts.

As whales continue to absorb ETH, the decline in individual demand for the coin has left its price stuck in a range.

ETH Targets $2,750

ETH is trading at $2,590. A revival in demand could propel the altcoin above the key resistance level at $2,750, potentially paving the way for a rally to $3,067.

However, if the bearish pressure increases, ETH may risk falling further and drop to $2,424.