The Ethereum price is consolidating above $2,332, with a slight increase of 1.66% in the past 24 hours. GugaOnChain analysis points out that behavioral changes among three types of addresses on Binance reveal a key structural shift: the number of accumulation addresses (2,434) has surpassed the number of stable whale addresses (2,410), while the number of user deposit addresses (2,314) is the lowest among the three. This indicates that institutions previously holding stablecoins on the sidelines are now actively buying ETH and transferring it to cold wallets.
The current ratio of buying pressure (active accumulation + stablecoin standby capital) to potential selling pressure has reached 2.1:1, meaning that for every address preparing to sell ETH, there are more than two institutional buyers. The analysis refers to the $2,332 region as the "armored glass floor," as the structural weight of institutional demand is sufficient to absorb selling pressure without causing the price to fall.
The report predicts that in historical scenarios where the number of deposit addresses is lower than the number of accumulation addresses and the convergence index is above 2.0, there is a 92% probability that the price will break upward within 72 to 120 hours. The institutional market is continuously consuming the available ETH liquidity on Binance, and once this process is complete, the supply suppressing price increases will be exhausted. The risk scenario is equally clear: if the number of Binance deposit addresses surges above 2,600 (exceeding the stable whale line), it will trigger a reversal alert.
From a longer-term structural perspective, Ethereum's weekly chart is testing the $2,300 region, where multiple technical signals converge. The price has reclaimed the 200-week moving average, indicating that long-term support is being rebuilt. However, the flattening of the 50-week and 100-week moving averages suggests the market is in a bottoming phase rather than a clear trend. Trading volume has normalized after panic selling, implying a reduction in forced selling pressure. The current structure is more focused on building momentum for a potential major move rather than being driven by momentum itself.