Ethereum quietly posted a historic month in June, even as its price action remained muted.
According to a July 3 analysis by CryptoQuant contributor Carmelo Alemán, Ethereum (ETH) saw a historic wave of accumulation and staking activity last month, pointing to strong conviction from long-term holders and institutional players.
Ethereum’s accumulation addresses, wallets with minimal outflows and no links to centralized exchanges, held a combined 22.75 million ETH at the end of June. That’s up from 16.73 million ETH on June 1, a 35.97% increase and the largest monthly gain ever recorded for this wallet category.
These addresses accumulated more than 6 million ETH in a single month, indicating growing confidence among strategic holders. Ethereum’s liquid staking also reached a new all-time high.
From 34.55 million to 35.56 million, the amount of Ethereum staked on sites such as Lido DAO (LDO) and Binance rose by nearly 1 million in June. Alemán points out that many of these addresses probably belong to institutions or long-term investors who choose to stake to generate yield while waiting for possible gains.
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As of early July, accumulation addresses have an average cost basis, or realized price, of $2,114.70. With ETH trading above $2,500, these holders are sitting on a 21.29% unrealized gain, suggesting that there isn’t much immediate pressure to sell.
ETH is trading at $2,596 at press time, up 6% in the past 24 hours and marking a strong recovery from its recent lows. Over the past week, it has traded between $2,393 and $2,600. According to Cryptorank data, Ethereum gained 36% in Q2, bouncing back after a steep 45% drop in Q1.
On the technical side, Ethereum’s daily chart shows the price trading back above the 20-day exponential moving average and testing the upper band of its recent range. Bollinger bands are beginning to widen, which suggests that volatility is increasing.
Ethereum price analysis. Credit: crypto.news
At 57.6, the relative strength index is rising but not yet overbought, indicating that there may be more upside potential. After weeks of sideways trading, volume is gradually increasing, and both momentum and MACD indicators suggest that buying interest is returning.
The next upward target for ETH might be the $2,750–$2,800 range if it breaks above the $2,600–$2,640 resistance zone with steady volume. On the downside, key support levels are at $2,450 and $2,280.
Read more: Bitcoin and Ethereum just had their best Q2 since 2020 — can Q3 keep it going?
