Ethereum whales have accumulated 300,000 ETH, valued at over $850 million, since December 26, according to Santiment data. Despite this significant accumulation, Ethereum's price remains stagnant around $2,940, showing no clear upward momentum. The total value locked (TVL) in Ethereum's on-chain economy has reached $330.7 billion, with a valuation multiple of 1.1x. For Ethereum to break its current price ceiling, bulls need to push the price above the 50, 100, and 200-day exponential moving averages (EMAs).