Ethereum News Today: Ethereum Whales Amass $660M as Short-Term Sellers Flee-Price Stagnates

Ethereum's largest holders are amassing significant stakes in the cryptocurrency, signaling potential market shifts despite mixed short-term dynamics. On-chain data reveals that between October 21 and October 23, Ethereum whales added 170,000 ETH, valued at roughly $660 million at current prices, marking one of the largest 48-hour accumulation surges this month, according to Yahoo Finance. This activity contrasts with short-term holders, who have been offloading their positions, creating a tug-of-war that has kept ETH's price stagnant near $3,875, the article adds.

The accumulation trend extends beyond Ethereum. A single whale transferred 8,491 ETH ($32.47 million) from OKX to a new wallet, while another wallet amassed 62,207 Chainlink (LINK) tokens, worth $19 million, according to a Yahoo Finance report. These moves have injected bullish momentum into both assets, with LINK rising from $16.9 to $17.6 in under 12 hours. Analysts note that Ethereum's price structure remains technically favorable, with a bullish divergence forming on the daily chart as the Relative Strength Index (RSI) hits higher lows amid declining price action, as the earlier Yahoo Finance piece describes. The asset is also consolidating within an ascending triangle pattern, with key resistance levels near $3,989 and $4,137, the same article notes.

Institutional interest in Ethereum appears to be growing. A newly created wallet purchased $32 million in ETH from OKX, a move attributed to digital asset treasury inflows and increased institutional liquidity, per Yahoo Finance. This contrasts with Bitcoin and Solana, where whales are either cashing out or redistributing holdings. For instance, a whale rotated $18.5 million from Solana (SOL) into Ethereum, reflecting a preference for Ethereum's ecosystem stability, according to BeInCrypto. Meanwhile, a Bitcoin whale closed a $200 million short position, netting $6.4 million in profits as BTC rebounded to $110,500, per Yahoo Finance.

However, optimism is tempered by broader market fragility. Short-term holders continue to sell into rallies, with 24-hour holders reducing their supply share from 0.887% to 0.48% since mid-October, the earlier Yahoo Finance article reports. This "wall of doubt" dynamic suggests retail confidence remains low, potentially delaying a sustained Ethereum breakout. Additionally, while Ethereum's technical indicators are positive, the asset faces psychological hurdles at $4,000—a level its ability to surpass will determine whether it can challenge historical highs, as the Yahoo Finance coverage on LINK and ETH observed.

Market analysts remain split. CryptoRus, a prominent on-chain analyst, draws parallels between current whale behavior and past bullish cycles in 2017 and 2021, suggesting 2025 could follow a similar trajectory, as noted by BeInCrypto. Conversely, Johnny Woo warns that altcoins excluding Bitcoin and Ethereum are flashing sell signals, casting doubt on an imminent "altseason," according to the same BeInCrypto piece.