Ethereum price broke out of a two-month descending wedge pattern, yet large holders sold $971 million worth of tokens over three days. The rally now faces pressure from whale distribution as technical indicators signal conflicting momentum.
What Happened: Whale Distribution
Wallets holding between 100,000 and 1 million ETH sold approximately 300,000 tokens over the last three days. Those sales exceeded $971 million at current prices.
The selling behavior suggests skepticism among large holders regarding Ethereum's ability to sustain higher levels.
Whales typically distribute during breakouts to secure profits, a pattern that can slow upward momentum if demand from smaller investors fails to absorb the added supply.
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Why It Matters: Long-Term Holder Support
Long-term holder behavior may stabilize the price despite whale selling pressure.
Ethereum's Liveliness metric from Glassnode has declined sharply since late December 2025, indicating that investors with longer time horizons are choosing to hold rather than sell.
A falling Liveliness reading reflects conviction among established holders. Their restraint reduces circulating supply available for selling, which may help offset whale-driven pressure and support the broader bullish structure.
Ethereum trades near $3,265 after confirming the breakout from its descending wedge. The pattern projects a potential 29.5% upside targeting $4,061, though achieving that level would require sustained demand and reduced distribution.
A more realistic short-term objective sits at $3,447 if ETH secures $3,287 as support.
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