Ethereum is currently getting courted from two wildly different angles: the kind that involves giant, money-flinging whales and the kind that involves nerds drawing lines on charts until they see Jesus.
First up, the whale watch. Onchain sleuths at Lookonchain spotted wallet 0x3952 grabbing 12,000 ETH—roughly $39.98 million—during a tidy two-hour shopping spree. This isn't some panicked, caffeine-fueled FOMO buy, either. Since June 22, 2025, this same wallet has yanked 116,000 ETH off Binance at an average of $3,138, a classic "withdraw and chill" maneuver.
But don't mistake this whale for a degen holding until zero. The address has also shipped 35,021 ETH back to Binance at an average of $4,035, banking profits while still sitting on a mountain of 80,979 ETH worth roughly $270 million. The realized haul from the sales is about $47.5 million. It’s the ancient crypto playbook: buy low, sell some high, and let the rest ride like you’re glued to the seat.
Meanwhile, the chart gang is seeing visions. ETH has been chopping around $3,340, and the technicians are frothing over an inverse head-and-shoulders pattern on the weekly. The head sits at $1,360 (April’s generational bottom), with the right shoulder likely set above $2,663. The RSI is pushing up through 50, and the PPO lines are flat at neutral—the wheels are seemingly aligned for a highway run. If ETH holds the right-shoulder zone, the next targets are $4,000 and then the $4,965 all-time high.
The fundamentals aren’t slouching either. Spot ETH ETFs have been吸金 (money-sucking) with over $129 million in inflows on Tuesday and $5 million the day prior, pushing cumulative inflows north of $12.57 billion and total assets near $20 billion.
Ethereum’s ecosystem dominance is also flexing: $152 billion in DeFi TVL, $473 billion in bridged TVL, and a 76% dominance ratio despite a parade of new chains trying to steal the crown. Stablecoin settlement on Ethereum topped $8 trillion in a single quarter, and the RWA sector is booming as heavyweights like Franklin Templeton and JPMorgan build on-chain. BitMine has been steadily stacking, grabbing over 4 million ETH since July last year and eyeing 6 million while seeking a massive share authorization bump—potentially paving the way for even more accumulation.
Valuation-wise, ETH looks comparatively cheap: a market cap-to-DeFi TVL ratio of 2.64 versus Solana and BSC at 3.85. As one observer put it, with $337 billion of capital actively deployed across Ethereum apps, the network’s valuation rarely stays this far below activity for long.
On the roadmap, the Glamsterdam and Hegota upgrades later this year promise faster performance, which could blur the lines between L1 and general-purpose L2s. In short: big wallets are loading up, ETFs are humming, charts are cooperating, and the base layers are getting quicker.
