Ethereum traded near $2,220 on the daily charts as whales and institutions bought the dip, even as a key metric suggested most large-holder positions remained bearish at press time. Over the past week, the altcoin saw minimal volatility, with flat returns.
Whale accumulation continues
Ethereum whale accumulation has been growing under the surface. A whale with two wallets recently withdrew 18,550 ETH worth over $42 million in five days. Another acquired about 13,080 ETH, valued at $30 million, from Binance over the same period. A dormant wallet also swapped $19.70 million USDT for ETH.
Bitmine continued to acquire ETH this week, capitalizing on the dip with a 5,000 ETH purchase worth about $11.22 million. It now holds 4.96% of the total supply.
At press time, ETH was valued at around $2,200, a level that also served as the realized price for accumulation addresses. If $2,200 holds, a bounce could follow; a breakdown would heighten the probability of a deep decline.
Whale versus retail delta negative
Despite the accumulation, the whale versus retail delta was negative, suggesting whales still maintained a slight net short position. For instance, Wintermute, up $222 million all-time on Hyperliquid, opened a $73 million cumulative short position, with ETH accounting for $26.40 million. A shift in trend direction would begin once whales' positioning turns bullish; for now, they continue to exert selling pressure.
Weak sentiment persists
While whales positioned themselves around $2,237, the Fear & Greed Index read 32 (Fear), indicating weak market sentiment. Market activity could shift this sentiment. A whale who went long at $2,221 after a sharp market drop was sitting on a floating profit of $252,000 and has won their past 10 trades, reinforcing potential optimism.
For sentiment to change, ETH bulls must keep the altcoin above $2,220 or $2,200. That would expose $2,425 as the next target. In case of a breakdown, the next demand areas that could mitigate the drop are $2,000 and $1,900.
Final summary
- Whales' net position remains bearish despite strong accumulation trends.
- Profiting whales could fuel a change in market sentiment.
