Ethereum’s price has struggled to maintain momentum after falling below the $1,800 mark, currently trading just above $1,700. This downward pressure comes despite significant buying activity from major investors, known as whales, who have taken advantage of the dip to increase their holdings substantially.
Recent data shows that four significant whale wallets collectively acquired more than 87,000 ETH, valued at over $153 million. These acquisitions involved large transfers out of exchanges such as Coinbase Prime and Gemini, with some ETH even being staked in the Ethereum 2.0 Beacon Chain. This pattern reflects a strong confidence among whales in Ethereum’s long-term prospects, even as the market faces volatility.
Alongside whale accumulation, exchange supply statistics reveal that more ETH is flowing out of centralized exchanges than entering them. The Exchange Supply Ratio dropped to levels not seen since 2016, indicating rising scarcity of available assets on exchanges. Historically, such shrinking supply can create conditions for upward price moves by limiting immediate market availability.
However, technical analysis tells a more cautious story. The Stochastic Momentum Index (SMI) has formed a bearish crossover and currently hovers near 37, suggesting weakening trend strength. This technical signal implies that despite whale buying pressure, broader market momentum remains subdued. Ethereum’s price could further slip toward the $1,710 bearish threshold, with a critical support near $1,681 on the Relative Strength Index (RSI).
For Ethereum’s price to regain upward momentum, it must reclaim resistance around $1,847 on the RSI, which could signal renewed buying interest beyond whale activity. Until then, the altcoin faces a fragile outlook, balancing between whale accumulation and a generally weak technical backdrop.