Ethereum's Market Absorbs $19.5M Whale Sale Without Price Correction

A significant Ethereum whale executed a $19.55 million sale of 4,723 ETH on September 18, 2025, marking the culmination of a nine-year holding period during which the tokens were acquired at $7.7 each in 2016. The transaction, one of the largest single-asset sales in recent months, was absorbed by the market without triggering a substantial price correction, with Ethereum (ETH) maintaining its position above $4,170 post-sale. This event underscores the resilience of Ethereum’s market depth and the confidence of long-term holders in the asset’s valuation.

The sale coincided with broader whale activity, as on-chain data revealed the offloading of 90,000 ETH—worth approximately $500 million—over a 48-hour period. These liquidations, concentrated near the $4,500 price level, added short-term selling pressure to Ethereum, which had recently surged above $4,600 following a 25-basis-point Federal Reserve rate cutEthereum (ETH) Price: $5,000 Rally or Drop to $4,000 as Whale …^[1]. Analysts noted that such whale-driven movements often signal shifts in market sentiment, particularly when coupled with technical resistance levels. For instance, Ethereum failed to break above $4,640-$4,700, a key threshold for sustained bullish momentumEthereum (ETH) Price: $5,000 Rally or Drop to $4,000 as Whale …^[1].

The whale activity coincided with outflows from spot Ethereum exchange-traded funds (ETFs). On September 18, the U.S. spot ETH ETF recorded a net outflow of $1.89 million, extending a trend of institutional selling despite the Fed’s rate cutEthereum (ETH) Price: $5,000 Rally or Drop to $4,000 as Whale …^[1]. Fidelity’s FETH saw a $29.19 million outflow, while Bitwise’s ETHW lost $9.7 million in the same periodEthereum (ETH) Price: $5,000 Rally or Drop to $4,000 as Whale …^[1]. These outflows contrasted with the bullish narrative of ETF inflows earlier in the year, raising concerns about institutional positioning.

Technical analysts highlighted the risk of a correction to $4,000 if Ethereum failed to reclaim critical resistance levels. Michael van de Poppe, a prominent crypto analyst, emphasized the importance of maintaining the $4,400 support zone, warning that a breakdown could trigger liquidations of long positionsEthereum Price Prediction: Dip Likely as Massive …^[2]. Similarly, TD Sequential indicators on Ethereum flashed sell signals, with some analysts predicting a retest of $4,570 if the $4,640 barrier remained unbrokenEthereum (ETH) Price: $5,000 Rally or Drop to $4,000 as Whale …^[1].

The whale sale and broader market dynamics occurred amid diverging price forecasts. Citigroup projected Ethereum could end the year at $4,300, with a bearish scenario targeting $2,200, while Standard Chartered anticipated a rally above $5,000Ethereum (ETH) Price: $5,000 Rally or Drop to $4,000 as Whale …^[1]. These contrasting views reflected uncertainty around macroeconomic conditions and Ethereum’s on-chain fundamentals. Meanwhile, the sale itself was interpreted as a strategic move by the whale to crystallize gains amid growing institutional interest in Ethereum, which continues to see robust adoption in decentralized finance (DeFi) and staking ecosystems.