What are the Ethereum whales seeing that we’re not?
Big holders seem to be moving early, while Ethereum’s on-chain activity is steadily strengthening its long-term value. The signs may not be easily visible yet, but they’re starting to add up.
Whales add as price holds steady
Since the 26th of December, wallets holding large amounts of ETH have steadily increased their balance.
Supply Held by Whales has risen from roughly 100.48 million ETH to about 100.8 million ETH per Santiment data; this is an addition of nearly 300,000 ETH. At current prices near $2,940, that translates to over $850 million flowing into large wallets in just a few days.
Source: Santiment
This buying has happened while price action remained relatively flat; whales are positioning. They typically build exposure during low-volatility phases, so they believe in Ethereum’s longer-term setup instead of being phased by its short-term downside.
Ethereum’s economy does the heavy lifting
Source: X
In simple terms, ETH’s price is closely tracking the size of the economy built on top of it.
This relationship has so far acted as a valuation anchor. As DeFi, stablecoins, and RWAs grow on Ethereum, they reinforce demand for ETH itself.
Price stalls below resistance
Ethereum’s daily chart showed price struggling to regain pace after slipping below key moving averages (MAs).
At press time, ETH was trading around $2,940, still capped beneath the 50, 100, and 200-day EMAs, which acted as overhead resistance between $3,100-$3,380. Momentum indicators also show that traders are a bit hesitant.
RSI showed weak bullish strength, while the MACD made it clear that upside pressure is fading.
Source: TradingView
Sellers haven’t forced a breakdown, but buyers also lack confidence. For now, ETH is stuck in consolidation. A big move is likely only if volume and acceleration return in force.
Final Thoughts
- With whales adding $850M+ in ETH while price stays flat, whales are prepping ahead of a larger move.
- As long as Ethereum’s $330B+ on-chain economy holds steady, downside pressure looks limited.