What Are Ethereum Whales Up To as ETH Trades Below Their Cost Basis: Accumulating or Distributing?

The Ethereum priceThe realized price for whales is the average on-chain cost basis of large holders, typically wallets holding a defined minimum balance. It shows where whales, as a group, last accumulated their coins. When Ethereum trades below the realized price of accumulation wallets, it means long-term holders are underwater. This often creates two outcomes: panic selling or aggressive averaging down.

Source: X

The account is sitting on a weekly realized loss of ~$6.6M, with uPnL down ~$6.4M and ROE at -83.6%. The PnL curve shows brief relief rallies, but they fail to hold—classic signs of buying dips in a downtrend. Despite having $27M in free margin, the max drawdown of 40%+ signals poor timing rather than forced liquidation risk.

What This Suggests for Ethereum Price

Ethereum is currently in a high-conviction but high-risk zone.

Accumulation addresses are buying below the cost basis.
Staking activity continues to rise.
Large wallets are partially redistributing supply.
Leverage exposure is increasing.

This combination suggests structural confidence but fragile short-term conditions. However, the institutional conviction remains visible in staking activity. BitMine recently staked 140,400 ETH, bringing its total staked holdings to nearly 3 million ETH. Roughly 69% of its ETH exposure is now locked. Rising staking participation reduces the liquid supply in the market. Structurally, this supports long-term price stability.

Therefore, if spot demand puts pressure, the Ethereum (ETH) price could stabilise and build a base. If leverage unwinds first, volatility may expand before a clearer trend emerges. The next directional move will likely depend on whether accumulation outpaces speculative risk.

FAQs

What is Ethereum’s price prediction for 2026?

Ethereum could trade between key support near $2,500 and a potential high around $6,000 in 2026 if adoption grows and bullish momentum holds.

What will be the price of Ethereum in 2027?

Ethereum is forecast to trade between $7,000 and $21,000 in 2027, with the average price near $14,000 if bullish momentum continues.

How much will 1 ETH be worth in 2030?

Based on current projections, 1 ETH could trade between $23,000 and $71,000 by 2030, depending on adoption, market cycles, and macro trends.

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