Ethereum News Today: Ethereum's 'Wall of Doubt': Whales Buy, Retailers Sell as Price Stalls

A mysterious Ethereum whale with a 100% win rate has seen its long position value surge to $270 million, despite an unrealized loss of $384,000, as the market grapples with conflicting signals from large and small investors. The whale's activity—part of a broader $660 million Ethereum accumulation by large wallets over 48 hours—has reignited debates about whether the cryptocurrency is poised for a rebound or trapped in a stagnant range, according to a Yahoo Finance report.

The whale's accumulation, which occurred between October 21 and October 23, aligns with a broader trend of institutional-grade buying. During this period, Ethereum whales added 170,000 ETH to their collective holdings, boosting their total stash to 100.47 million ETH. At the current price of $3,875, this represents a 0.17% increase in their total holdings, translating to the $660 million influx, the Yahoo report noted. However, this optimism is tempered by persistent selling from short-term traders. Data from HODL Waves shows that holders with positions under one month have reduced their share of the Ethereum supply since mid-October, with 24-hour holders cutting their stake from 0.887% to 0.48%. This "wall of doubt" dynamic—where whales buy and smaller traders sell—has kept Ethereum's price rangebound near $3,875, down 3.7% weekly, the Yahoo report added.

Technical indicators offer a mixed outlook. Ethereum's price structure remains bullish, with the Relative Strength Index (RSI) forming higher lows amid lower price lows since September 25. This divergence suggests waning selling pressure, a common precursor to reversals. The asset is also trading within an ascending triangle pattern, a chart formation that typically resolves upward once resistance at $3,989 or $4,137 is breached, the Yahoo report observed. Yet, market observers caution that whale activity alone may not be sufficient to drive a breakout without broader participation.

The broader crypto market's volatility underscores the limitations of whale-driven narratives. A 2025 Cointelegraph analysis of Bitcoin's price action above $120,000 revealed that "mega-whales" often sell into strength, particularly when smaller traders are buying. This pattern, observed during periods of strong ETF inflows, highlights how macro factors like exchange liquidity and macroeconomic trends can overshadow individual whale behavior. For instance, centralized exchange balances are at a six-year low of 2.83 million BTC, meaning even routine trades can amplify price swings. Additionally, spot ETF flows have emerged as a critical daily signal for Bitcoin since early 2024, with strong inflows correlating to price highs, the Cointelegraph piece noted.

The Ethereum whale's $384,000 unrealized loss further complicates its position. While its 100% win rate suggests a disciplined strategy, the loss indicates a recent pullback in price. This aligns with broader market dynamics where liquidity constraints and positioning shifts—such as 97% of Bitcoin's supply currently in profit—make markets more sensitive to news and flows, the Cointelegraph piece added.

As the market awaits a resolution, analysts will closely monitor Ethereum's ability to break above $3,989 and the impact of ETF inflows. Meanwhile, the interplay between whale accumulation and short-term selling remains a key theme, reflecting the broader tension between institutional confidence and retail sentiment in crypto markets, the Yahoo report concluded.