Whales Bought $360M as Ethereum Fell, but a $3,160 Close Is Key

Beincrypto reports Ethereum price slipped nearly 6% over the past 24 hours and almost 13% in two days, extending a choppy pullback even as whales accumulated roughly $360 million worth of ETH near the dip, leaving a possible reversal unconfirmed.

The article notes Ethereum is trading inside a symmetrical triangle while momentum shows a bullish RSI divergence between November 4 and January 20, suggesting weakening selling pressure. Cost-basis data points to a dense supply cluster between about $3,146 and $3,164 where roughly 3.44 million ETH was accumulated, and whale holdings rose from about 103.42 million ETH to 103.71 million ETH during the decline. At the same time, the smart money index remains below its signal line, indicating informed traders have not yet re-entered aggressively.

What happens next hinges on price action: a daily close back above $3,050 would signal initial stabilization, while a clean daily close above $3,160 could break the heavy supply wall, potentially inviting smart money and opening a path toward $3,390. Conversely, a sustained break of the triangle support near $2,910 would expose $2,610 as the next major support, so observers are waiting for proof that resistance is absorbed before calling a reversal.

Key Topics

Crypto, Ethereum, Whales, Smart Money, Glassnode, Rsi