$1.1B in Ethereum bought in 48 hours – Is ETH breakout near?

The Ethereum ecosystem is now pushing levels never seen before.

On-chain data recorded a peak of 3,453 transactions per second (TPS) at 14:37 UTC. Just hours later, that record was surpassed with a new all-time high of 3,872 TPS.

Source: X

Network throughput remained elevated above 2,600 TPS, with Base Chain [BASE] alone contributing over 1,800 TPS; more than half of the current activity.

Arbitrum [ARB] was next at 477 TPS, while newer L2s like Soneium were also clocking meaningful shares.

Whales step in

Whale flows confirm confidence in ETH despite the price pullback.

On-chain data shows major buyers accumulated 323,523 ETH worth $1.12 billion in just the past 48 hours. Their entry points ranged between $3,247 and $3,515 per ETH.

One large address alone (the same wallet that previously borrowed 66,000 ETH from Aave [AAVE]) bought 257,543 ETH ($896 million).

Source: X

Another cluster of “7 siblings” wallets added 37,971 ETH, while fresh wallets accumulated another 14,000+ ETH combined. These aren’t small buys; they’re massive!

Big investors seem to believe ETH is near the bottom and are betting on a rebound, not a deeper drop.

Breakout still in play

Analysts point out that ETH is once again sitting inside the same type of multi-year compression zone seen in 2016-2018 and 2018-2021. Both patterns resolved in explosive upside.

Source: X

The current 2022-2025 structure shows ETH retesting the top of the red supply band around $3,800-$4,200, while still holding above its multi-year rising trendline. This pattern has so far been followed by the breakout that leads to new cycle highs.

If ETH respects the trendline again, the setup means this downturn is not “trend failure,” but the last retest before a potential macro breakout.