Ethereum price is hovering near a long-term critical zone as whales reshuffle billions of dollars of securities, adding new uncertainty to an already fragile market. Although price action remains weak in the near term, analysts say the asset has returned to a historical accumulation range.
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Recent on-chain activity shows an increase in whale transfers, liquidations, and strategic repositioning, all taking place as Ethereum (ETH) struggles to defend support near the $1,800 level, a price zone that many traders now view as decisive for the market’s next direction.
XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
Ethereum price tests long-term demand zone
Market analysts note that Ethereum price has fallen back into a five-year demand zone previously seen during the 2022-2023 bear market and the brief crash of April 2025. Historically, this range has attracted accumulation rather than distribution, suggesting that long-term investors could step in despite weak momentum.
Currently, Ethereum is trading around $1,828, down approximately 3.1% over the past 24 hours, with a market cap near $220 billion and high derivatives activity signaling continued volatility. Futures trading volume exceeded $51 billion in a single day, while more than $100 million in leveraged positions were liquidated.
Technically, ETH remains below key resistance levels. The price recently fell below $1,900 and the 100 hourly moving average, with analysts identifying $1,820 as immediate support and $1,900 – $1,920 as a major resistance zone. An extended break below support could expose downside targets near $1,780 or even $1,720.
Whale activity signals market stress
Large holders have played a major role in the recent price pressure. A whale liquidated 7,200 ETH worth approximately $13.4 million with a loss exceeding $600,000 after exiting an open position at higher prices.
Another long-term holder sold nearly 23,924 ETH valued at over $45 million before opening leveraged long positions, indicating expectations of further near-term volatility.
Meanwhile, a separate wallet moved 12,000 ETH to a major exchange, potentially locking in losses exceeding $29 million if sold. Foreign exchange flows are often interpreted as potential sell signals because they increase market supply.
To add to the narrative, Ethereum co-founder Vitalik Buterin has sold more than 8,800 ETH this month, although analysts say the transactions are linked to funding ecosystem development rather than a long-term change in trust.
Institutions accumulate despite low prices
While some whales are reducing their exposure, institutional players appear to be moving in the opposite direction. Mining and infrastructure company BitMine Immersion Technologies recently acquired 51,162 ETH for its corporate treasury and continues to expand its holdings through staking strategies designed to generate yield.
This divergence between insider selling, whale repositioning and institutional accumulation reflects a market caught between short-term fear and long-term conviction.
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In the near term, Ethereum’s price outlook depends on whether buyers can defend the $1,800 region. Maintaining this level could reinforce the idea of a multi-year accumulation phase, while a breakdown could trigger a new wave of liquidations in leveraged markets.
Cover image of ChatGPT, ETHUSD chart on Tradingview
