Ethereum Whales Move Again... Accumulating 260,000 ETH, Will it Break $2,786?

▲ Ethereum (ETH) whale ©

Ethereum (ETH) whales have stopped the selling that followed the rejection of the CLARITY Act and have once again begun large-scale accumulation. With funds flowing into US spot Ethereum Exchange Traded Funds (ETFs) for four consecutive trading days, ETH is currently trading at $2,680.

According to investment media FXStreet on September 25 (local time), whale wallets holding 10,000 to 100,000 ETH sold 140,000 ETH over three days after the legislative process for the CLARITY Act was halted in the US Congress, but have since bought back 260,000 ETH since last Saturday. In contrast, wallets holding 1,000 to 10,000 ETH mostly maintained their holdings last week but sold 50,000 ETH in the past two days, while wallets holding 100 to 1,000 ETH disposed of approximately 140,000 ETH after the CLARITY Act was rejected.

In exchange fund flows, withdrawals have exceeded deposits in recent days, indicating both opportunistic buying and some profit-taking. Institutional demand also remained strong. US spot ETH ETFs recorded a net inflow of $104.63 million, continuing their fund inflows for four consecutive trading days, with BlackRock's ETHA and Fidelity's FETH leading the trend.

However, the macroeconomic environment remained a burden. Brent crude oil rose by approximately 3% on Thursday amid reports of failed negotiations between the United States and Iran, and the US 10-year Treasury yield surpassed 5.15% for the first time since June 2007. In ETH, positions worth $74.5 million were liquidated in the last 24 hours, with long position liquidations accounting for $44.4 million of that total.

Technically, ETH has rebounded near its 20-day Exponential Moving Average (EMA), trading above both short-term and long-term moving averages. The 14-day Relative Strength Index (RSI) is at 63, and the Stochastic Oscillator is around 75, indicating strong upward momentum without reaching extreme overbought levels. On the downside, $2,626 serves as the primary support, while the 20-day EMA at $2,564 and $2,544 form a short-term demand zone. In case of further decline, $2,431, the 50-day EMA at $2,381, and subsequently $2,242, $2,230, and $2,172 are presented as support levels.

On the upside, $2,786 is the first resistance level, followed by $2,894 as a major resistance zone. If the uptrend continues, $3,177 is presented as a more distant resistance level, but buying pressure in that zone may weaken as momentum indicators approach overbought territory.

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