Ethereum is back in the spotlight as large investors—known as whales—are making notable moves on Binance, the world’s largest crypto exchange. After months of sideways trading, new data shows that the average order size for Ethereum on Binance has surged to levels last seen in December 2023, a period that preceded a major rally for ETH .
Whale Activity Signals Renewed Confidence
Since May 19, there’s been a clear uptick in large Ethereum orders on Binance. This shift is significant because whales often act as early movers when a new market trend is forming. Their return suggests growing confidence in Ethereum’s prospects, even as the price remains locked between $2,400 and $2,700 .
Recent on-chain data reveals that whales have accumulated over 301,000 ETH, and the net flow of large holders has flipped from negative to positive. This means more Ethereum is being bought and held by big players than sold, a classic sign of accumulation.

Source: CryptoQuant
Retail Investors Join the Momentum
It’s not just the whales getting in on the action. Spot market data shows that retail investors are also buying Ethereum, with buyers outpacing sellers by a significant margin. The Cumulative Volume Delta—a measure of net buying—has turned positive, indicating strong demand from both large and small investors .
At the same time, exchange netflows have turned negative, meaning more ETH is leaving exchanges than entering. This typically signals that investors are moving their coins to private wallets, a behavior associated with long-term holding and confidence in future price appreciation .
Price Stuck in a Range—For Now
Despite the surge in buying activity, Ethereum’s price has yet to break out of its current range. As of June 1, ETH is trading around $2,512, slightly down on the day. The market remains in a tug-of-war between buyers and sellers, with whales absorbing much of the selling pressure but not yet pushing the price above key resistance at $2,700 .
If buyers can maintain this momentum and overcome the remaining selling pressure, analysts believe a breakout above $2,700 could set the stage for a new rally—similar to what happened after the last major whale accumulation in late 2023 .
What’s Next for Ethereum?
The renewed whale activity on Binance is a strong signal that institutional and high-net-worth investors are positioning for a potential move higher. Combined with growing retail interest and declining exchange inflows, the stage is set for a possible breakout—if the bulls can tip the balance.
For now, Ethereum remains range-bound, but the underlying accumulation suggests that the next big move could be just around the corner. As always, traders should keep an eye on whale behavior and key price levels for clues about where the market is headed next.