ETH whale accumulation rises, but price recovery remains uncertain

While the number of large-scale Ethereum holders has increased over the past five months, the prospects for a price recovery remain uncertain, according to an analysis by Cointelegraph. Addresses holding over 10,000 ETH have expanded their positions, with the number of wallets holding more than 100,000 ETH growing from 2.75 million to 3.68 million. In contrast, addresses holding between 100 and 1,000 ETH have decreased from 9.79 million to 8.32 million. The analysis notes that the current ETH price is below the average cost basis for most holders, placing the market in an overall state of loss. Cointelegraph concluded that negative on-chain indicators, including a surge in exchange inflows and the price trading below its realized price, suggest downward pressure is likely to persist for the time being.