Ethereum: Assessing impact of $110M whale action on ETH prices

Ethereum

Ethereum: Assessing impact of $110M whale action on ETH prices

Something big just stirred beneath the surface.

While the market chops sideways and sentiment hangs in limbo, one Ethereum [ETH] whale just made a $110 million move — quietly scooping up ETH and Bitcoin [BTC] in a pair of OTC trades with Wintermute.

Its the kind of play that seasoned traders recognize: smart money might be accumulating.

Whales are accumulatingWhale holdings remain steady

Source: Santiment

Supporting this narrative, broader Ethereum whale activity has remained relatively stable over the past week.

Data from Santiment shows that the number of wallets holding between 1,000 and 100,000 ETH has largely held its ground, even as ETH prices climbed from the $1.5K range to around $1.7K.

Source: Santiment

Meanwhile, whale transaction counts have risen sharply since April 21st, coinciding with ETHs breakout.

This steady base of whale holders, combined with a recent uptick in large transactions, hints at growing institutional confidence rather than speculation.

Ethereums price outlook

Ethereums recent breakout above $1,750 appears to be holding, with the asset trading near $1,800 at press time.

The RSI on the daily chart remained neutral at around 55, suggesting theres room for further upside without immediate overbought pressure.

Source: TradingView

Meanwhile, the MACD continued to flash a bullish crossover, with the MACD line staying comfortably above the signal line, showing strengthening positive momentum.

With steady whale accumulation in the backdrop, ETH could target the $1,850-$1,900 zone next, provided broader market conditions remain stable.

A clean break above $1,900 could open the door toward $2,000 in the coming sessions.