Ethereum’s $660 Million Whale Push Meets a Wall of Doubt – What’s Next For The Price

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Ethereum‘s price has been quieter than a librarian at closing time, drifting lazily near $3,875. A slight drop of 3.7% this week, and, surprise surprise, showing no thrilling follow-through after last week’s selloff. But behind this calm, like a shark circling in the deep, some of the biggest wallets have decided to dive back in. 🦈

Yes, you heard that right-roughly $660 million in whale accumulation has sparked a glimmer of optimism that ETH could be on the cusp of a recovery. But of course, not everyone is convinced. I mean, when are they ever? 🙄

Whales Are Buying, But Short-Term Holders Keep Selling (Because Why Not?)

On-chain data-because, who doesn’t love a little data-reveals that between October 21 and 23, Ethereum whales have gobbled up around 170,000 ETH. This hefty purchase boosted their collective stash from 100.30 million to 100.47 million ETH. In other words, about $660 million worth of fresh Ethereum piling up faster than a celebrity’s social media followers. 💰

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But wait-don’t get too excited yet. While the whales are loading up on ETH like it’s the last train to Bitcoinville, the short-term holders seem to have taken a different route entirely. According to the trusty HODL Waves (a chart that tracks the attention span of crypto holders), the quick-flipping groups have been scaling back their holdings since mid-October:

  • 24-hour holders: down from 0.887% to 0.48% (so much for that 24-hour rush)
  • 1-day-1-week holders: down from 2.22% to 2.01% (they didn’t even last a week!)
  • 1 week-1 month holders: down from 8.79% to 7.79% (as if a month wasn’t enough to make up their minds!)

The plot thickens, my friends: whales are on a buying spree, while short-term traders are running for the hills at the first sign of a rally. This seesaw of buying and selling is keeping Ethereum’s price as confined as a dog in a tiny crate. 🐶 It’s the perfect recipe for a frustratingly narrow range, where every little uptick feels like a tease. Until those smaller holders regain their nerve, whale demand alone won’t be enough to set ETH free from its price limbo.

Ethereum’s Price Structure Still Looks Bullish (But Let’s Not Get Too Carried Away)

Despite the push-pull drama, Ethereum’s technical structure is still hanging on to its bullish charm. On the daily chart (oh yes, we’ve got charts), ETH has formed lower lows between September 25 and October 22, while the Relative Strength Index (RSI)-which measures price momentum-is showing higher lows. In simpler terms: selling is slowing down, and that’s usually a good sign, even if it’s not quite a trumpet-blaring announcement just yet. 🎺

ETH is also trading inside an ascending triangle (hold your applause), a pattern that historically tends to resolve upward once the resistance levels are out of the way. The magic price zones to watch for right now are $3,989 and $4,137. If these levels fall, it could mean ETH is breaking out of its triangle and into the big leagues. 🏆

Now, if Ethereum can close above $4,137 (a solid 7% jump from where we are now), that would signal a breakout. From there, ETH could go on to target $4,495 or even $4,950 in the coming weeks. 🎉 But, don’t get too comfortable. If Ethereum fails to hold $3,806, it could tumble down to $3,511 or even $3,355, dragging those bullish hopes down faster than a sinkhole. Oops! 😬

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2025-10-23 16:24