Ethereum Price Today: $4,340
Ethereum (ETH) trades above $4,300 on Wednesday. Large holders, known as whales, have bought over 450,000 ETH recently. Meanwhile, small investors have sold more than 500,000 ETH in the past week. ETH retested the $4,500 level after breaking a key resistance line.
Whales Increase Holdings While Small Investors Sell
Whales holding between 10,000 and 100,000 ETH have been buying more of the cryptocurrency. They added over 450,000 ETH in the last week, continuing a buying trend since May.
New holders are also accumulating ETH, but at a slower pace than in August. Exchange reserves of ETH have dropped by 260,000 since early September. This suggests more investors are moving ETH to private wallets for long-term holding.
Ethereum treasury firms like BitMine Immersion and SharpLink Gaming have increased their ETH holdings. BitMine Immersion added about 202,500 ETH, while SharpLink Gaming added 39,500 ETH.
Despite this demand, ETH price gains are limited. Small investors and short-term holders have sold over 500,000 ETH in the past week. Wallets holding between 100 and 10,000 ETH showed the most selling.
On-chain activity is slowing down. Active addresses and transaction counts have decreased recently. In the futures market, net taker volume is at a record low, showing many traders expect ETH prices to fall.
Ethereum Price Outlook: Faces Resistance at $4,500
Ethereum saw $64 million in futures liquidations in the last 24 hours. Long positions lost $31.6 million, and short positions lost $32.5 million.
ETH broke above a descending triangle resistance and tested $4,500 but faced rejection. If ETH stays above this trendline, it may try to break $4,500 again. This level has been difficult to hold for the past two weeks.
If ETH falls below the 50-day moving average and the $4,000 to $4,100 support zone, it could drop toward $3,500.
The Relative Strength Index (RSI) is steady near its midpoint. The Stochastic Oscillator is below neutral but rising. This shows mild bearish momentum for ETH.
