Ethereum has started to look interesting again.

What caught my attention is not only the price. It is where the buying is coming from.

There has been a clear increase in large ETH purchases. One whale recently bought 5425 ETH for around $13.55 million. Another wallet received 40000 ETH worth around $100 million.

Then there is the bigger picture.

An Ethereum spot ETF recorded close to $890 million in net buying across eight trading days. The important part is that buying appeared on every single day during that period.

That is hard to ignore.

It shows that demand is not coming from just one trader or one large wallet. There seems to be a wider interest in holding ETH.

At the same time the amount of ETH sitting on exchanges has continued to fall.

Exchange reserves are now around 14.93 million ETH.

This matters because coins sitting on exchanges are usually easier to sell. When the available supply keeps getting smaller while buyers keep appearing the market can become more sensitive to new demand.

This is where the current ETH setup becomes interesting.

Buying is happening in the spot market while leverage does not look too high.

Open interest is around $14.5 billion. That is much lower than some of the levels seen earlier this year.

For me this is actually a good sign.

When price rises mainly because traders are using heavy leverage the move can become weak very quickly. A small drop can force leveraged traders to close their positions. That can create more selling and make the fall even faster.

But when more buying comes from people actually taking ETH into their holdings the situation can be different.

Right now the market looks more like accumulation than a huge leveraged bet.

There is also another signal that caught my attention.

Demand from US investors has started to improve again. This comes after a long period where that demand was weaker.

So we have three things happening at the same time.

More large buyers are entering.

Available ETH supply is falling.

Leverage is still relatively controlled.

That combination is worth watching.

Of course this does not mean ETH has to move straight up.

Markets rarely move in a perfect line.

The main thing I would watch from here is open interest.

If ETH continues to rise while open interest stays reasonable then the move could remain healthier.

But if leverage starts growing much faster than the price then the situation changes.

That would mean more traders are chasing the move with borrowed money.

And that is where things can become risky.

For now I find the current setup more interesting than a simple price chart.

The demand is showing up before the leverage.

The supply available to the market is getting smaller.

And that gives Ethereum a very different setup compared with a move that is driven mainly by futures traders.

The next few weeks should tell us whether this is the start of a bigger accumulation phase or simply another short period of strong buying.

For now the spot activity is the part I am watching most closely.