The Ethereum [ETH] network is buzzing once again, both on-chain and in trading activity. In just 48 hours, major whales accumulated 323,523 ETH, worth roughly $1.12 billion, signaling renewed confidence in the asset even as prices consolidate near key support levels.
At the same time, the Ethereum ecosystem shattered its own transaction speed records, strengthening optimism that the network’s improving fundamentals could soon align with technical signals pointing toward a breakout.
Ethereum Network Breaks TPS Record
Ethereum’s throughput hit a record-breaking 3,872 transactions per second (TPS) this week, marking the network’s fastest performance to date. The record was first set earlier at 3,453 TPS before being surpassed within hours, according to on-chain data.
For comparison, the average throughput has remained elevated above 2,600 TPS, supported largely by Layer 2 networks that handle growing transaction volumes.
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Base Chain [BASE] contributed over 1,800 TPS, more than half of Ethereum’s total network activity.
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Arbitrum [ARB] followed with 477 TPS, while emerging players like Soneium also gained meaningful traction.
This rising throughput underscores Ethereum’s technical evolution as scalability improvements continue to take effect, boosting both user and developer confidence.
$1.1 Billion in Whale Purchases Signal Confidence
On-chain data from analytics platforms revealed that Ethereum whales have been buying aggressively during the recent pullback, suggesting they view the current range as a long-term accumulation zone.
Over the past 48 hours, major buyers collectively added 323,523 ETH, valued at $1.12 billion, with purchase prices ranging between $3,247 and $3,515.
One particularly large wallet — known for borrowing 66,000 ETH from Aave [AAVE] earlier this year — acquired 257,543 ETH, worth approximately $896 million.
Meanwhile, a cluster of “seven sibling wallets” collectively purchased 37,971 ETH, while several new addresses added another 14,000 ETH combined.
These large-scale purchases reflect institutional-style accumulation behavior, typically observed near cycle bottoms.
“Big investors seem to believe ETH is near the bottom and are positioning for a rebound,” noted one analyst.
Chart Pattern Mirrors Pre-Breakout Phases
Technical analysts are drawing parallels between Ethereum’s current price structure and previous pre-rally compression zones that preceded major cycle breakouts.
The ongoing 2022–2025 consolidation bears striking resemblance to patterns from 2016–2018 and 2018–2021, both of which resolved in multi-year bull rallies.
Charts show Ethereum retesting the upper range of the red supply band near $3,800–$4,200, while continuing to hold above its multi-year rising trendline. This suggests that the current correction may be the final retest before a breakout, not a sign of trend failure.
“If Ethereum respects the long-term trendline again, this could be the last consolidation before the next macro leg up,” one trader observed.
Layer 2 Ecosystem Adds Fuel to the Narrative
Beyond whale buying, Ethereum’s growing Layer 2 ecosystem continues to strengthen its long-term value proposition. Platforms like Base, Arbitrum, and Optimism are processing the majority of the network’s transactions, dramatically improving efficiency and throughput.
This efficiency, combined with lower transaction fees and increased on-chain activity, is laying the groundwork for Ethereum’s next growth phase — one driven by utility and scaling rather than speculation alone.
As institutional demand through spot ETFs and Layer 2 integrations expands, analysts expect ETH’s price to eventually reflect these cumulative gains.
Outlook: ETH Eyes a Macro Breakout
With whales accumulating, transaction speeds hitting new records, and technical charts flashing familiar patterns, Ethereum appears to be entering a critical accumulation phase that could precede a significant upside move.
If ETH holds above its long-term trendline and breaks through the $3,800–$4,200 zone with strong volume, analysts believe it could mark the beginning of a macro breakout.
For now, investor behavior indicates growing conviction, as both on-chain metrics and capital flows suggest Ethereum’s next chapter could center around utility, scalability, and institutional adoption.
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