Ethereum News Today: Ethereum Whale Secures $9.87M Profit as ETH Dips 3% After 38% Gains on $26.11M Investment

A high-profile Ethereum whale has secured a $9.87 million profit by offloading 8,005 ETH at an average price of $3,751, marking a strategic partial exit after accumulating the position two weeks ago at an average entry price of $2,725. The sale, which occurred as Ethereum ended its eight-day winning streak with a 3% drop on Tuesday, reflects a 38% return on the $26.11 million initial investment. The whale’s wallet still holds 1,577 ETH ($5.96 million), indicating continued bullish conviction despite short-term profit-taking.

According to blockchain analytics, the whale’s actions align with broader market behavior observed in Glassnode’s Cost Basis Distribution Heatmap. A red band of high-volume buying around $2,520 in early July has faded, suggesting holders in that price range—nearly 2 million ETH—are locking in gains. However, the persistence of these positions underscores that most holders remain net buyers, with fresh demand absorbing sell pressure. This dynamic points to long-term optimism rather than a broader distribution phase.

Ethereum’s recent price action has pushed its 14-day Relative Strength Index (RSI) into overbought territory near 78, signaling a potential short-term correction. Historical patterns, such as a 18.6% pullback in late May following a similar RSI spike, suggest the price could retest the $3,000–$3,200 range by August. This level coincides with the 20-day exponential moving average (EMA), a critical support zone. As long as ETH remains above its multi-year ascending trendline, the structural setup remains favorable for further gains, with analysts noting the $3,800–$4,100 resistance area as the next target.

The whale’s partial exit highlights the interplay between technical indicators and on-chain activity. While the 14-day winning streak ended, long-term holders continue to accumulate, suggesting Ethereum’s upward momentum is unlikely to reverse entirely. The market’s ability to absorb large sell orders without triggering a collapse reinforces its resilience, even as overbought conditions create near-term volatility risks. For now, the focus remains on whether ETH can sustain its position above the trendline to maintain a bullish trajectory toward higher price levels.

Analysts caution that a move toward $3,000 would still leave Ethereum well above multi-year support, but emphasize that any correction should be viewed as a consolidation phase rather than a bearish reversal. The data underscores a market where profit-taking coexists with sustained demand, reflecting a balance between caution and optimism among major participants. As the asset navigates this transitional phase, the key metric will be the sustainability of buying pressure amid evolving technical conditions.