Key Insights:
- Ethereum price stayed near $3,630 even as whales sold about $300 million in ETH holdings.
- Retail traders kept the market stable while large holders waited for lower entry levels.
- The next rally depends on ETH holding above $3,461 and whales returning to buy again.
The Ethereum price was holding steady near $3,630 even as big investors sold. Since November 8, whales have reduced their holdings from 101.47 million to 101.43 million ETH, worth about $300 million.
The ETH price stayed firm despite the selling. Retail traders had stepped in to buy, while whales waited for a better entry. This mix of small buyers and patient whales might have slowed Ethereum’s rally, but it did not end the setup for another rise.
Ethereum Price Showed Whales Preparing for a Dip
Whales sold when they expected prices to fall, then bought again at lower levels. From November 8, they had sold around 0.04 million ETH, equal to about $300 million.
This showed they expected the Ethereum price to drop again before the next move up.
At that time, the Ethereum price was near $3,630. Whales might have waited for it to fall to $3,461 or even $3,060 before buying again.
Their patience meant the next rally could take more time to begin.
ETH Price Tried To Rise Without Whale Help
Even with whales selling, the ETH price had tried to move higher. It faced strong barriers near $3,709 and $3,910, two levels that had stopped earlier rallies.
Between the two key levels, $3,910 appears to be a stronger resistance, per the number of chart-driven rejections.
If Ethereum broke those levels, it could reach $4,110 later. But without large buying, that move might not hold.
At the time, the Ethereum price stayed stable but still lacked strong support from whales. Also, the price, last seen, traded inside a falling wedge. That explains the underlying bullishness.
Profit Levels Explain Whale Caution
The NUPL (Net Unrealized Profit/Loss) score stood near 0.33, showing most traders were in profit.
When that happens, many take gains, and whales were doing the same. If NUPL drops below 0.30, it could reset the market for another rally. By doing so, the NUPL metric would break the higher-low setup and lower the sell-driven incentives.
That explained why the Ethereum price had slowed down. The market was booking profits, not panicking or selling in fear.
The NUPL factor was also seen in long-term investor behavior. The Hodler Net Position change metric, which tracks the accumulation/distribution patterns of investors, continued to remain in the red.
This means long-term holders are still selling instead of accumulating. Even though the distribution numbers have gone down since October 15, the net movement needs to turn green before the Ethereum price resumes the $4,000 journey.
Money Flow Shows Retail Strength
Smaller traders had shown confidence while whales stayed quiet. The On-Balance Volume (OBV) indicator measured whether money was moving in or out of Ethereum.
It had turned upward, showing that more buyers were entering the market.
That rise in volume had kept the Ethereum price from falling lower. If retail demand continues, it may attract whales back when they see steady strength.
The ETH Price Setup: Delay First, Rally Later
The next big move for the Ethereum price will depend on whether it can stay above $3,461. If whales return, ETH could rise past $3,709, then $3,910, and later test $4,110. But if smaller traders slow down, the price may dip before starting another rise.
For now, the Ethereum price setup points to a short pause, not a breakdown, as long as key support holds and retail buyers keep buying.