Ethereum price forecast: Whales continue to hoard, can ETH return to $2000 in July?

The price of Ethereum fell into range fluctuations, and the volatility dropped significantly, preventing the second largest token from breaking through US$1900.

Although the rebound momentum continues, Ethereum failed to stabilize the current range, triggering market concerns about the next move. The price is currently trading around $1882 and remains stable after recent gains. At the same time, online data showed that investor confidence rebounded. This leads to the next question: Can bullish signals push Ethereum prices above $2000?

Why are Ethereum Whales increasing their holdings?

Ethereum is showing signs of recovery in confidence among large investors. A newly created address withdrew 10,000 ETH (worth approximately US$18.6 million) from Binance and invested all the funds in pledge. Instead of leaving the token on the exchange, investors chose to lock it in Ethereum's pledge mechanism, indicating that they had long-term bullish expectations rather than preparing to sell.

Whales are increasing their holdings in Ethereum. A newly created address (0xf23c) withdrew 10,000 ETH (US$18.6 million) from Binance and pledged them all. Large-scale withdrawals of funds from centralized exchanges are often seen as a positive on-chain signal, as it reduces the amount of ETH in the market that can be traded immediately. When these tokens are immediately pledged, they further tighten the supply of liquidity while earning pledge proceeds, implying that holders expect Ethereum's value to grow over time.

Ethereum pledge exit queue dropped to zero

Further reinforcing the bullish narrative is that Ethereum's pledge exit queue has dropped to zero, indicating that despite recent market fluctuations, verifiers are not in a hurry to withdraw pledged ETH. The disappearance of the exit queue means that long-term holders remain confident in the prospects of Ethereum and believe that it is unnecessary to unlock positions at current price levels. When the verifier chooses to continue to pledge ETH, it helps limit the amount of circulating supply that may return to the market. Combined with new whale holdings, this suggests that large holders are reducing selling pressure rather than preparing to leave.

Ethereum Price Analysis: Can bulls finally break through resistance?

Ethereum has rebounded strongly from its June lows, forming a series of higher highs and higher lows. As a result, the rally has reached the peak of an upward wedge pattern, which usually leads to extreme price volatility. Prices are currently approaching the key resistance zone of $1890 to $1920, which has blocked bull attempts multiple times in the past few weeks. The overall market structure remains favorable to buyers. After experiencing a strong expansion, the Bollinger Band showed signs of compression, indicating a decrease in volatility. At the same time, the RSI indicator is near 61, showing bullish momentum but not entering the overbought area, leaving room for further gains if buying pressure increases. In addition, the derivatives market also showed a positive trend. Open interest has rebounded to around 793K, indicating that new money is flowing into the Ethereum futures market rather than a rebound driven by short covering alone. At the same time, the funding rate remained slightly positive at 0.0036%, indicating that traders are willing to pay a small premium to hold long positions. Importantly, funding rates are still well below overheated levels, indicating that bullish sentiment is building, but there is no excessive leverage.

2026 Ethereum Price Forecast: Can ETH regain its footing at $2000 in July?

Ethereum's on-chain fundamentals are showing encouraging signs: whale holdings have increased, and verifiers have chosen to continue to pledge ETH rather than withdraw their positions. At the same time, the technical side remains positive, supported by a series of higher lows, healthy derivatives positions and improved momentum. However, it should be noted that the $1920 -1940 resistance zone remains a key obstacle. A decisive break through this range may pave the way for Ethereum to regain the psychological threshold of $2000 and is expected to extend the rebound to $2150. However, if bulls fail to break through resistance, Ethereum prices may continue to remain range-bound, and the US$1,760 - 1,780 support area will become the primary concern level.