Key Takeaways

Why are Ethereum whales active again?

Large holders bought 112K ETH as Spot Average Order Size stayed elevated and Exchange Netflows turned negative.

What could drive ETH’s next move?

A daily close above $3.7K may flip momentum bullish, but muted retail demand limits upside potential.

Since being rejected at $3.9K a week ago, Ethereum [ETH] has struggled to regain upward momentum. Over the past seven days, ETH traded within a tight range between $3.2K and $3.6K, reflecting limited volatility.

At press time, Ethereum changed hands at $3,446, down 2.98% on the daily chart. Despite the slowdown, whales have been quietly using the dip to accumulate.

Ethereum whales build their stacks

CryptoQuant’s Spot Average Order Size metric showed large whale orders for seven consecutive days, suggesting consistent participation from major holders.

Source: CryptoQuant

According to Onchain Lens, one whale withdrew 60,000 ETH, worth $213.7 million, from Binance and deposited it into Aave V3. Another whale created a new wallet and purchased 24,007 ETH worth $82.04 million, while a third acquired 28,262 ETH, lifting its total holdings to 355,164 ETH.

In total, these three whales accumulated 112,269 ETH, valued at approximately $394.3 million — a clear signal of confidence amid short-term weakness.

Coupled with that, exchange activities have echoed this accumulation trend.

According to CryptoQuant, Ethereum recorded a negative Exchange Netflows for four consecutive days.

Source: CryptoQuant

At press time, Netflows reading was -40.4k, reflecting a dominance of exchange withdrawals over deposits. Such a setup implies that buyers are the most dominant participants on the exchange.

Historically, whales have used weak markets to build strong positions, which has often preceded a long-term rally.

Retail demand remains muted

Even with whales buying, retail activity remains low.

ETH’s Sequential Pattern Strength indicator stayed positive for three days, showing growing buyer dominance, but this alone hasn’t lifted prices significantly.

Source: TradingView

On the daily chart, ETH hovered near the middle Bollinger Band at $3,697.

A close above this level could allow a move toward $3.9K, which is the key resistance that rejected the price earlier. Breaking it would expose the upper band near $4,240.

If momentum fades, ETH could revisit support around $3,154, where the lower Bollinger Band currently lies.

For now, Ethereum sits in equilibrium.

Whales are buying dips, but retail participation is yet to confirm a broader trend reversal. Whether the next major swing turns bullish depends on which side regains dominance.