Key Takeaways

Ethereum stayed rangebound near $4,303 as a whale moved 58,938 ETH, while Exchange Outflows, Dormant Circulation and momentum indicators pointed to mixed signals. Can Ethereum reclaim $4,500?

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Ethereum [ETH] has struggled to maintain an upward momentum after peaking at $4,800, consolidating between $4,200 and $4,600. At press time, ETH traded at $4,303, down 3.52% in the past week.

As the market cools down, investors, especially whales, are starting to move their holdings. 

Dormant Ethereum whale resurfaces

According to Lookonchain, a dormant whale woke up after 6 years and moved 58,938 ETH worth $254 million. 

Of this, 21,178 ETH, worth $91.54 million, went to Bitfinex, suggesting intent to sell.

When whales turn to selling during market stability, it signals a strategic exit or profit-taking, and their decision to sell can be interpreted as a lack of confidence. 

Yet Santiment data showed Dormant Circulation declined across long-term cohorts, pointing to selective exits rather than broad capitulation.

For instance, Dormant Circulation in the 180-day cohort declined from 189k ETH to 1,500 ETH at press time.

A similar drop occurred in the 2–5 year cohorts, where circulation fell from 18.8k ETH to 1.7k ETH.

This implies that dormant and long-term holders are not capitulating and have been strategically taking profits. 

Buyers still dominate the market

Although a dormant whale jumped to sell, buyers have gradually taken over the market. CryptoQuant data showed Exchange Outflows at 89,200 ETH, compared to 79,450 ETH in Inflows.

This is why the altcoin’s Exchange Netflow declined to negative territory for the first time in two days. At press time, Netflow was -9.7k, reflecting higher outflows, a clear sign of aggressive Spot accumulation.

Momentum signals turn supportive

AMBCrypto’s analysis showed buyers absorbed whale-driven selling, leaving ETH’s price largely unaffected.

Meanwhile, Santiment flagged that Price DAA Divergence stayed positive, reflecting weaker on-chain demand despite market accumulation.

This left momentum metrics as the next key signal.

The ADX slipped to 18.3, while the DMI crossed bullishly with the Positive Index at 18.48. The Relative Vigor Index (RVGI) also remained above its signal line near -0.1129.

If buying pressure continues, ETH may reclaim $4,500 and test the $4,800 resistance.

But if on-chain demand fails to recover, the token risks falling below $4,200, with $4,078 as the next support.

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