A record-breaking influx of 449,000 Ethereum (ETH) into long-term wallets took place recently, indicating strong bullish sentiment despite a price dip. These whales’ strategic accumulation has occurred in a market with an average holder realized price exceeding $1,981, highlighting their conviction in the platform’s future. This record-breaking inflow follows Ethereum’s highly anticipated Pectra upgrade scheduled for May 7th. While short-term losses are present, these Ethereum whales remain optimistic about the long-term potential of the network despite remaining underwater. Technical analysis shows resistance at $1,895, holding approximately 1.64 million ETH since November 2024. A breakout above the $2,142 level is needed for a potentially bullish reversal. Notably, Ethereum’s active addresses have grown by 10%, reflecting an increase in network engagement. However, DeFi activity remains subdued.