As a result of this increased investment, staked ETH has grown from approximately 15.8 million ETH in January 2023 to nearly 33.9 million ETH by January 2025, reflecting a remarkable 114.49% growth.

During the same period, Ethereum whale holdings have surged from 22% to 43% of the coin's total supply, marking a 100% increase over two years.

This accumulation pattern among ETH whales is viewed as a strong bullish indicator, signaling retail investors that Ethereum's long-term profitability is promising.

Supporting this bullish sentiment, Ethereum's price has risen by 7.25%, reaching around $3,500, which further indicates a positive outlook for the altcoin.

As of January 18, 2025, Ethereum is trading at $3,460 with a market cap of $422.34 billion, and it is approaching a significant resistance level at $3,700.

If Ethereum manages to surpass the $3,700 resistance, it could potentially rise to around $4,000, despite a slight decrease in trading volume to $26.11 billion.

The surge in Ethereum whale accumulation is largely attributed to the Ethereum Merge, which transitioned the network to a proof-of-stake blockchain in September 2022.

The Merge introduced several benefits, including sharding, environmental enhancements, and the ability for investors to withdraw staked rewards, which have attracted significant whale investment.