Ethereum is trading comfortably above $4,500, showing resilience even as it struggles to clear the $4,750 resistance zone that has repeatedly capped rallies.
The second-largest cryptocurrency by market cap remains in a bullish structure, but analysts warn that it is entering a stage where whale behavior could decide its next big move.
Whales Sitting on 2021-Level Profits
Fresh data from CryptoQuant reveals that wallets holding between 10,000 and 100,000 ETH now have unrealized gains not seen since November 2021, the month Ethereum hit its all-time high. That puts mid-sized whales in a position similar to the peak of the last cycle – a moment when many investors locked in profits, sparking heightened volatility.
The concern is psychological as much as technical: sitting on paper gains at historic levels often tempts large holders to sell. If enough whales start realizing profits, selling pressure could ripple across exchanges, undermining the current rally.
Momentum Meets Market Psychology
Ethereum’s fundamentals remain strong – from institutional inflows to steady network usage – and these forces could counterbalance whale-driven selling. However, the market is at a crossroads. A successful breakout above $4,750 could reignite bullish momentum and set ETH on course for new highs. A rejection at this level, on the other hand, risks triggering a sharp pullback or a prolonged consolidation.
Key Levels to Watch
At press time, ETH trades near $4,599, consolidating just above major support at $4,500. The trend of higher lows since early September underscores that bulls still control the broader structure, but the $4,750 ceiling has become the market’s defining battleground.
The coming weeks may prove decisive: will whales hold for higher valuations, or will they cash out and spark a wider correction? Ethereum’s next move could answer that question.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/ethereum-price-steady-but-rising-profit-pressure-clouds-outlook/