The price of Ethereum (ETH) remains stagnant near $3,875 as a key battle unfolds. On-chain data from October 21 to 23, reported by Santiment, shows Ethereum whale accumulation and sellers in conflict. Whales added 170,000 ETH (valued at $660 million), but short-term holders are selling aggressively.
The on-chain data from Santiment is clear: large wallets increased their holdings from 100.30 to 100.47 million ETH. This is one of the largest 48-hour whale upticks this month. However, this strong buying, key to the token’s economy, is clashing with selling pressure. Metrics from Glassnode (HODL Waves) reveal that short-term holders are reducing their share of the supply. Specifically, cohorts holding from 1 day to 1 month have decreased their holdings since mid-October.
This “push-pull” dynamic explains why the ETH price remains in a narrow range. The demand from large investors is failing to translate into higher prices for now. The market is building a “wall of doubt.” Smaller investors are selling into every small rally. The Ethereum whale accumulation and sellers from retail are at a stalemate. Until short-term holders regain confidence, whale demand alone might not be enough.
Can Ethereum’s Bullish Technical Structure Break the Key $4,137 Resistance?
Despite the pressure, Ethereum’s technical structure remains constructive. The daily chart shows a hidden bullish divergence on the RSI (Relative Strength Index). The price has set lower lows between September 25 and October 22. However, the momentum indicator (RSI) registered higher lows over the same period. This suggests that selling is losing steam. Furthermore, ETH is trading inside an ascending triangle, a pattern that typically resolves upward. Investors are closely watching the $4,137 resistance as the key breakout level.
For Ethereum’s rebound to be confirmed, the asset needs a daily close above $4,137. Achieving this would represent a 7% move from current levels. If successful, the next targets could be $4,495 or even $4,950. Conversely, if it fails to hold the key support at $3,806, the bullish setup would be invalidated. This could revive broader bearish pressure and send the price toward $3,511 or $3,355.
