Ethereum News Today: Ethereum Whales Sell $119M as OTC Buys Surge $300M Amid Price Rebound

Large Ethereum holders, or "whales," are engaged in contrasting activities, with one selling $119 million worth of ETH over three days and another purchasing $300 million through Galaxy Digital’s over-the-counter (OTC) desk [1]. These actions indicate a tug-of-war between sellers and deep-pocket buyers that could influence Ethereum’s price trajectory. The seller likely aims to offload large quantities of ETH, often a precursor to downward price pressure, while the OTC buyer—likely a large institution or sophisticated investor—chooses a less volatile route to accumulate assets without causing sharp price swings on public exchanges [1].

The broader Ethereum landscape shows signs of resilience. According to data from Glassnode, the number of mega whale Ethereum addresses—wallets holding more than 10,000 ETH—is on the rise [1]. This trend suggests that major holders remain bullish on Ethereum’s long-term potential and are accumulating rather than selling. Complementing this, daily active Ethereum addresses have surged to 675,000, nearing levels seen during the 2021 bull market [1]. Increased on-chain activity often correlates with higher demand and network interest, which can underpin future price strength.

Ethereum’s price action also supports a cautiously optimistic outlook. After falling nearly 9% in the past week, the price recently found support around $3,358 and has rebounded above $3,550 [1]. The critical $3,500–$3,771 range is now a key battleground for bulls and bears. A successful breakout above $3,800 could signal further upside toward $4,000, but a breakdown below $3,358 would likely lead to a more bearish phase [1].

Meanwhile, ETH inflows into exchanges have remained relatively low, which is generally seen as a sign of conviction among large investors. Less ETH being deposited on exchanges means fewer immediate selling opportunities, which could help stabilize the price in the short term [1].

The current situation highlights a complex interplay of short-term bearish pressures and long-term bullish fundamentals. While the price appears weak on the surface, the market is showing underlying strength through whale accumulation, OTC buying, and increased on-chain activity. These factors suggest that, despite recent volatility, Ethereum’s foundation remains intact [1].

Source: [1] Massive ETH Dumps Meet $300M OTC Buys: How Will Ethereum Price React? (https://coinmarketcap.com/community/articles/68910c84d81833061c47eb3c/)