The Ethereum price is down by under 1% in the last 24 hours. At first glance, the chart looks quiet. Also, the minor price drop links to weak retail demand. But something else is happening under the surface.
New on-chain data shows whales adding again, while one key indicator flashes a rare trend shift, favoring one of the two groups mentioned in this piece.
Retail Slows Down While Whales Move In
Ethereum is approaching completion of an inverse head-and-shoulders pattern. This is a bullish structure that signals a trend reversal if the price breaks above $3,390. The problem appears before that breakout level. Retail momentum weakened this week.
Between December 18 and December 24, the price trended higher. Normally, that is a positive sign. The Money Flow Index (MFI), which tracks money entering and exiting an asset, did not follow. It made a lower low. That shows that possibly retail traders did not support the higher low with real buying.
Weak Retail Interest: TradingView
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MFI now needs to move above 37 to form a higher high and show stronger demand.
While retail slowed down, the whales reacted the opposite way. Since December 26, wallets holding large amounts moved from 100.48 million ETH to 100.6 million ETH.
At the current price, this amounts to approximately $350 million injected over the past 24 hours. Whales do not buy for short-term flips. They usually buy because they think a setup exists.
Ethereum Whales: Santiment
This split defines the current situation. Retail hesitates. Whales enter. The next ETH price move depends on which group stays consistent.
One Indicator Tilts Toward The Whales
The Relative Strength Index (RSI), a momentum measuring indicator, supports whale positioning.
Between November 4 and December 25:
Price made a lower low
RSI made a higher low
This is a bullish divergence. It signals that selling pressure is losing strength, even though the price has not confirmed it yet.
Bullish Divergence: TradingView
This type of divergence supports reversal patterns such as the inverse head-and-shoulders. It does not guarantee the breakout. It gives the breakout attempt a higher chance of working if the price reaches the trigger zone. And that is exactly why Ethereum whales are adding now.
Ethereum Price Zones Decide The Next Leg
The Ethereum price must reclaim $3,050 first. This is a psychological barrier and short-term resistance.
If price clears it with strength, the next test is the neckline breakout zone at $3,390.
A breakout above $3,390 could activate an inverse head and shoulders target near $4,400. That comes from adding the height of the head to the breakout point.
Ethereum Price Analysis: TradingView
On the downside, losing $2,800 weakens bullish momentum. If selling increases and whales stop adding, the Ethereum price can slide to $2,620. A drop below that level invalidates the bullish reversal structure.
