- Ethereum whales are increasing their positions, signaling renewed confidence in price action.
- Notable wallets acquired over $140 million in ETH within hours, despite signs of short-term distribution.
- Technical indicators show strength, but capital outflows suggest caution remains.
Ethereum’s large holders are back on the scene in force. Data shows a notable rise in wallets holding more than 10,000 ETH, a key signal of renewed long-term interest among crypto’s biggest investors.
Lookonchain, a blockchain monitoring platform, highlighted two major transactions in the last few hours that totaled nearly $142 million in Ethereum purchases.
One such newly created wallet, “0x86F9,” received 24,294 ETH, which translates to about $86.48 million, from institutional trading platform FalconX.
In another notable transaction, wallet “0x40E9” purchased 15,627 ETH, which translated to about $55.6 million, from the OTC desk of Galaxy Digital directly. Such large-ticket purchases mean that mega-whales are preparing themselves for potential upside.
While there is accumulation, on-chain activity remains uncertain. The Chaikin Oscillator is still negative, at -1.96K, which underscores capital flows out amidst rising prices. This defines an indeterminate situation where accumulation, as well as distribution, is happening side by side.
Also Read: Ethereum Leads $13 Million Whale Sell-Off as Crypto Markets Brace for Volatility
$11 Million Unrealized Gains Turn Into Losses
In a stunning turn of events, the wallet “0xcB92C,” which had long been famous for precise Ethereum transactions, reversed course. The address recently enjoyed an unrealized gain of $11 million but chose not to sell.
When Ethereum rose from $3,660, the trader liquidated the position, which had seen a loss of $1.7 million. The wallet has shown similar tendencies before, once seeing $26 million of unrealized gains evaporate into a final loss of $716,000.
This volatility puts people on edge about the short-term direction of the market as well as trader sentiment. Even experienced investors are confused about the volatility, so confidence may not flow evenly, even though there is positive action on prices.
Ethereum Price Action Strong but Technicals Send Mixed Signals
Ethereum is at $3,648.20, which has seen a 6% spike on the day. The cryptocurrency has bounced from previous points of correction and now finds itself at the gate of psychological resistance at $3,700–$3,800. If holding true, a close over there might trigger a breakout towards $4,000 or higher.
Major technical levels remain intact. Ethereum is supported north of its 9-day DEMA ($3,591), while all notable EMAs from 20 to 200 days align below spot, offering multi-level support zones. The RSI, at 59.36, remains in neutral-to-bullish territory, which still gives room for some more rally before Ethereum moves into overbought territory.
However, the MACD has something else to tell. The MACD line has decreased below the signal line, which presents a negative histogram value of -62.88, suggesting waning bull momentum. Traders, as such, may look for a higher close at $3,700 on a daily basis to confirm trend continuity or fear a drop down to the support at $3,525 or lower EMA locations.
Also Read: Ethereum Price Drops 6.07% Weekly: Can ETH Reclaim $4,000 Soon?
