TLDR:

• ETH-accumulating whales increased their balance as the realized price dropped, confirming active buying at lower levels. 
• The realized cap for accumulating whale addresses rose, ruling out any selling activity within this cohort. 
• ETH is currently trading at $1,949, with a 1.80% price gain recorded over the past seven-day period. 
• Trader Daan Crypto warns that a drop below $1,900 could push ETH toward its February lows fairly quickly. 

ETH continues to draw attention from large investors even as its price shows signs of pressure. On-chain data reveals that accumulating whale addresses are not selling their holdings.

Instead, these whales are buying at lower price levels. The realized price metric for this cohort has bent downward, which may seem alarming at first glance.

However, a closer look at balance and realized cap data tells a more complete story about what these large holders are actually doing.

What the Realized Price Drop Really Means for ETH

The realized price of accumulating whale addresses has turned downward for the first time. This kind of movement can point to two separate scenarios in the market.

Either a whale with a higher cost basis sold their ETH, pulling the average down. Or new buying occurred at lower prices, which also pulls the realized price downward.

To determine which case applies, analysts cross-referenced balance data and realized cap figures. In the same period where the realized price dropped, the balance of accumulating whales went up. At the same time, their realized cap also rose, not fell.

These two data points together confirm that no selling took place among this cohort. On the contrary, whales added more ETH to their holdings at reduced price levels. This buying behavior is what caused the realized price to bend downward, not distribution.

CryptoMe, a well-followed Cryptoquant on-chain analytics analyst, stated that accumulating whales’ trust in ETH still looks strong based on this data set.

Price Levels and What Traders Are Watching Closely

Even with whale accumulation continuing, the broader price action remains uncertain. ETH is currently trading at $1,949.06, with a 24-hour volume of over $18.8 billion. The asset posted a 0.23% gain in the past 24 hours and a 1.80% rise over the past seven days.

Crypto trader Daan Crypto Trades pointed out that liquidity levels are clear in this range. According to Daan, a move above $2,150 would mark a new local high and likely push prices further up. However, a drop to $1,900 or below opens the door to revisiting February lows.

That caution is worth noting, especially since the accumulating whale data only covers one segment of the market. Other investor groups and broader macro conditions can still move the ETH price independently.

The on-chain data does not account for retail behavior, derivatives activity, or sentiment shifts.

Therefore, while whale accumulation is a constructive sign, it does not guarantee price direction in the short or medium term.

Traders and investors are advised to monitor multiple data sources before concluding where ETH heads next.