Ethereum News Today: Ethereum Trapped in Tug-of-War: Whales Accumulate as Retailers Sell

Ethereum's price has remained in a tight trading range near $3,875, with mixed signals emerging from on-chain activity and technical indicators. Despite a 3.7% weekly decline, whale accumulation of roughly $660 million in Ethereum over two days has sparked renewed speculation about a potential rebound. However, the broader market remains skeptical, as short-term holders continue to offload their positions, creating a tug-of-war that keeps ETH trapped in a narrow corridor, according to a Yahoo Finance report.

The recent whale activity, which added 170,000 ETH to large wallets between October 21 and 23, marks one of the largest inflows this month. This accumulation has pushed Ethereum's whale stash to 100.47 million tokens, signaling growing institutional or high-net-worth interest in the asset. Yet this optimism is tempered by data from HODL Waves, which shows short-term holders—those holding for less than a month—have reduced their combined share of the supply since mid-October. Specifically, 24-hour holders now control just 0.48% of the total supply, down from 0.887%, while 1-week–1-month holders have cut their stake to 7.79% from 8.79%. This exodus of smaller investors suggests a lack of conviction in near-term price stability, the report says.

The divergence between whale accumulation and short-term selling has created a "wall of doubt," analysts say. While large investors appear to be positioning for a rebound, the persistent outflows from retail and smaller traders indicate uncertainty about Ethereum's next move. This dynamic has prevented the price from breaking out of its recent range, despite the influx of capital from major holders. "Until these short-term holders regain confidence, whale demand alone might not be enough to spark a full rebound," the report notes.

Technically, Ethereum's structure still favors a bullish outcome, albeit with key hurdles to overcome. The daily chart shows a classic Wyckoff re-accumulation pattern, where ETH has formed lower lows since mid-September while the Relative Strength Index (RSI) has created higher lows over the same period. This divergence often precedes a reversal, as selling pressure wanes. Additionally, Ethereum is trading within an ascending triangle, a chart pattern that typically resolves upward once resistance levels are breached. The immediate targets for the price are $3,989 and $4,137, both aligned with critical Fibonacci retracement levels. A successful breakout above $4,137 could signal a broader uptrend, but confirmation is needed, the report adds.