Ethereum price may be flashing weakness, but smart money appears increasingly unfazed. As ETH price trades under pressure and momentum slows, some of the market’s biggest wallets are quietly accumulating again, a move that historically tends to matter. The disconnect is raising fresh speculation across the market. Is Ethereum simply losing momentum, or are whales positioning ahead of something bigger while sentiment remains distracted by short-term weakness?
Ethereum Whales Are Accumulating Despite Weak Price Action
Ethereum’s recent price action has struggled to inspire confidence. After failing to sustain momentum above major resistance zones, ETH has remained under pressure in recent weeks, drifting lower while Bitcoin continued attracting stronger market attention.
Yet beneath the surface, whale activity is beginning to tell a different story. Fresh on-chain data from Santiment shows wallets holding at least 100,000 ETH collectively increased holdings to 17.41 million ETH, marking the highest level in more than nine weeks. Whale ownership has also climbed to 22.03% of Ethereum’s circulating supply, signaling growing conviction from large holders despite weak short-term sentiment.
Historically, periods of whale accumulation during weak price action have often preceded stronger recovery phases, particularly when retail sentiment remains cautious and momentum looks fragile. Rather than selling into weakness, larger holders appear to be increasing exposure.
Institutions Still See Long-Term Upside for Ethereum
Whale accumulation is not the only signal pointing toward growing confidence. This week, Standard Chartered reaffirmed its long-term $40,000 Ethereum price target, arguing that Ethereum’s current valuation still fails to fully reflect growth across tokenized real-world assets, decentralized finance, and broader network adoption.
Institutional buying activity also remains active. Nasdaq-listed Bit Digital recently added another 8,568 ETH worth nearly $20 million to its treasury, lifting total Ethereum holdings above 158,000 ETH. The purchase came during a period of weaker price action, reinforcing the view that some institutions continue treating Ethereum pullbacks as accumulation opportunities rather than warning signs. Together, whale activity and institutional positioning suggest Ethereum’s long-term narrative remains stronger than recent price action implies.
Ethereum Price Could Be Near a Turning Point
Ethereum is approaching a critical moment. ETH has repeatedly failed to reclaim momentum above the $2,500–$2,700 resistance region, leaving short-term structure under pressure and allowing sellers to maintain control. Recent price action has pushed Ethereum back toward a major historical demand zone near $1,700–$1,800.
However, this level carries weight. The zone previously acted as a strong accumulation base during earlier corrections and repeatedly triggered rebounds when sentiment weakened. More importantly, Ethereum’s recent decline appears relatively controlled rather than aggressive, with price gradually compressing into support instead of breaking down sharply.
If buyers successfully defend the current region, ETH could attempt a recovery toward $2,600, followed by a broader move toward the $3,200–$3,400 range if momentum strengthens. On the downside, losing the $1,700 support zone would likely weaken bullish structure and delay any meaningful recovery setup.
Can Whale Accumulation Trigger ETH’s Next Move?
Ethereum’s short-term momentum still looks fragile, but whale behavior continues pointing in a different direction. Large holders are accumulating again, institutional confidence remains firm, and long-term adoption narratives continue strengthening even as price struggles. If ETH successfully defends its key support zone, the current weakness could eventually look less like a breakdown and more like quiet positioning before a larger recovery attempt.