Ethereum’s price is hovering near a critical long-term zone as whales shuffle billions of dollars in holdings, adding novel uncertainty to an already feeble market. While price action remains feeble in the compact term, analysts say the asset has returned to historic accumulation ranges.

Recent on-chain activity shows a surge in whale transfers, liquidations, and strategic repositionings, all unfolding as Ethereum (ETH) seeks to defend support near the $1,800 level, a price area that many traders currently view as decisive for the next market direction.

XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview

Ethereum price is testing the long-term demand zone

Market analysts note that Ethereum price has fallen back to the five-year demand area previously seen during the 2022-23 bear market and brief crash in April 2025. Historically, this range has attracted accumulation rather than distribution, suggesting long-term investors may step in despite feeble momentum.

Ethereum is currently trading at around $1,828, down around 3.1% over the past 24 hours, with a market capitalization of close to $220 billion and increased derivatives activity signaling continued volatility. Futures trading volume exceeded $51 billion in a single day, with leveraged positions exceeding $100 million.

Technically, ETH remains below key resistance levels. The price has recently fallen below $1,900 and the 100-hour moving average, with analysts considering $1,820 as immediate support and $1,900-$1,920 as the major resistance zone. A sustained break below support could expose targets around $1,780 or even $1,720.

Whale activity signals market stress

Large handles have played a major role in recent price pressures. One whale liquidated 7,200 ETH worth approximately $13.4 million with a loss of over $600,000 after exiting its open position at higher prices.

Another long-term holder sold nearly 23,924 ETH worth over $45 million before opening leveraged long positions, indicating expectations for further short-term volatility.

Meanwhile, a separate wallet transferred 12,000 ETH to the main exchange, potentially locking in losses of more than $29 million in the event of a sale. Stock inflows are often interpreted as potential sell signals because they escalate market supply.

Adding to the narrative, Ethereum co-founder Vitalik Buterin sold over 8,800 ETH this month, although analysts say the transactions are related to funding ecosystem development rather than changing long-term trust.

Institutions are accumulating despite feeble price action

While some whales are reducing exposure, institutional players appear to be moving in the opposite direction. Mining and infrastructure company BitMine immersive technologies recently acquired 51,162 ETH for its corporate treasury and continues to grow its holdings through staking strategies aimed at generating profit.

This disparity between insider selling, whale repositioning, and institutional accumulation reflects a market caught between short-term fear and long-term belief.

In the compact term, Ethereum’s price outlook depends on whether buyers can defend the $1,800 region. Maintaining this level could reinforce the concept of a multi-year accumulation phase, while a collapse could trigger another wave of liquidations in leveraged markets.

Cover photo of the ChatGPT, ETHUSD chart on Tradingview