Ethereum price hovers in a long-term critical zone as whales reshuffle billions of dollars in holdings, adding new uncertainty to an already fragile market. While price action remains weak in the near term, analysts say the asset has returned to a historical accumulation range.
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Recent on-chain activity shows a surge in whale transfers, liquidations, and strategic repositioning, all of which is unfolding as Ethereum (ETH) struggles to defend support near the $1,800 level, a price area that many traders now consider decisive for the next direction of the market.
XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
Ethereum price tests long-term demand zone
Market analysts note that Ethereum price has fallen back to a five-year demand area previously seen during the 2022-2023 bear market and the brief April 2025 crash. Historically, this range has attracted more accumulation than distribution, suggesting that long-term investors may be stepping in despite the weak momentum.
Ethereum is currently trading around $1,828, down approximately 3.1% in the last 24 hours, with a market capitalization close to $220 billion and high derivatives activity indicating continued volatility. Futures trading volume exceeded $51 billion in a single day, while more than $100 million in leveraged positions were liquidated.
Technically, ETH remains below key resistance levels. Recently, the price fell below $1,900 and the 100-hour moving average, with analysts identifying $1,820 as immediate support and $1,900 to $1,920 as a major resistance zone. A sustained break below support could expose downside targets near $1,780 or even $1,720.
Whale activity signals market stress
Large holders have played a major role in the recent price pressure. A whale liquidated 7,200 ETH worth about $13.4 million with a loss of over $600,000 after exiting an open position at higher prices.
Another long-term holder sold nearly 23,924 ETH valued at over $45 million before opening leveraged long positions, indicating expectations of higher near-term volatility.
Meanwhile, a separate wallet transferred 12,000 ETH to a major exchange, potentially locking in losses exceeding $29 million if sold. Currency inflows are often interpreted as potential sell signals because they increase market supply.
Adding to the narrative, Ethereum co-founder Vitalik Buterin sold more than 8,800 ETH this month, although analysts say the transactions are tied to funding ecosystem development rather than a shift in long-term trust.
Institutions Accumulate Despite Weak Price Action
While some whales reduce exposure, institutional players appear to be moving in the opposite direction. Mining and infrastructure company BitMine Immersion Technologies recently acquired 51,162 ETH for its corporate treasury and continues to expand its holdings through staking strategies designed to generate returns.
This divergence between insider selling, whale repositioning and institutional accumulation reflects a market caught between short-term fear and long-term conviction.
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In the short term, Ethereum’s price outlook depends on whether buyers can defend the $1,800 region. Maintaining this level could reinforce the idea of a multi-year accumulation phase, while a crash could trigger another wave of sell-offs in leveraged markets.
ChatGPT cover image, ETHUSD chart on Tradingview
