The price of Ethereum recently surpassed $2,600 thanks to increased whale activity and a record number of non-empty wallets. According to Santiment Intelligence, the number of such wallets has reached over 207 million, indicating a growing distribution of Ethereum ownership despite several months of weak price dynamics. Additionally, over 40 million coins are already in staking.
The increase in transactions from whales does not necessarily indicate accumulation: large transfers can represent both buying and selling. However, the price movement of the asset has leaned toward purchases. Ethereum also maintains its leading position in terms of total value locked in DeFi – around $50 billion. Large holders, including Bitmine, are actively staking on the network.
The average transaction fee has dropped to less than $0.10, decreasing by more than 85% from the peak value of $0.72 in April.
Analyst Ted Pillows noted that if Ethereum closes above $2,550 this week, it will improve the asset's chances of reaching the $2,900–$3,000 range – a similar forecast was previously made by Ali Martinez. Over a longer horizon, Pillows sees a target of up to $10,000 by 2029. "Ethereum has a lot of catching up to do to match global M2," he wrote.
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