Ethereum has cooled after months of strong buying pressure and bullish momentum, and the market is currently in the consolidation phase. In recent weeks, ETH has been trading sideways above all-time highs, leaving investors uncertain about their short-term outlook. The lack of follow-through eased some of the optimism seen earlier this year, but fundamentals suggest that Ethereum’s market position remains a resurgent.
Institutional accumulation continues to be one of the crucial themes supporting ETH. A massive withdrawal from the exchange refers to a steady trend in which investors move coins into long-term storage rather than keeping liquids for trading. According to LookonChain, the newly created wallet, identified as “0x9D2E,” recently retracted $102 million in 21,925 ETH from Kraken. Such activities underscore the growing presence of deep pocket buyers who are stunned by short-term volatility and instead position themselves for the long-term potential of Ethereum.
At the same time, the macroeconomic uncertainty, which had weighed on risk assets at the beginning of the year, is beginning to dissipate. With agency intervening and wider conditions stable, Ethereum integration could prove to be a healthy reset before the next critical move. The next few weeks will be important to determine whether ETH can break higher patterns or expand horizontal patterns.
Whales continue to accumulate ahead of key tests
LookonChain also reports that the newly created wallet, 0x9D99, recently withdrawing 5,297 ETH, worth $24.7 million, with Binance and Bitget combined. Around the same time, another major player, wallet “0x7451”, received an additional $61.65 million in 13,322 ETH from Falconx. These trades highlight the sustainability of system-scale accumulation despite the hesitations of short-term traders.
This wave of withdrawal adds to a wider trend that continues to shrink in exchange ETH supply. When coins move to private wallets and cold storage, the liquidity available for immediate trading decreases and a supply-driven price pressure stage is set. Historically, the period of heavy whale accumulation has coincided with the integration phase that later gave way to decisive assembly.
Timing is especially important now. Ethereum is trading just below its all-time high, with market participants carefully watching for signs of whether the next move is a breakout or extended lateral range. Whales appear to be positioned ahead of potential pushes to unknown territory, treating current price action as an opportunity for accumulation.
If the engine continues to absorb supply while Ethereum maintains structural strength, it can lay the foundation for breakouts that exceeded previous highs. At the same time, broader macro conditions, including the Fed’s pricing policy, could affect the pace and scale of the next move. Anyway, sustained whale purchases suggest confidence in the long-term trajectory of ETH.
Price Analysis: Short-term pullback of play
Ethereum (ETH) is currently trading at $4,533 and shows a 1.44% decline as it failed to maintain momentum above $4,700. The chart highlights recent rejections near local highs, leading to a pull back to the short-term moving average.
50 SMA ($4,414) serves as immediate support in close alignment with 100 SMA ($4,452). This moving average cluster is extremely important. This is because the above retention can stabilize the ETH and prevent deeper downsides. The failure under this zone opened the door for a retest of the 200 SMA, $4,052, and has historically provided strong support during the integration.
In an advantage, Ethereum has faced resistance near the $4,700-4,750 range that has thwarted price advances over the past few sessions. A critical closure above this level is likely to trigger a push into the $4,900-5,000 zone, bringing ETH closer to a retest at its all-time high.
For now, ETH remains in integrated mode, trading sideways within a wider bullish structure. Reduced balances in institutional accumulation and exchange continue to support long-term outlook, but short-term volatility may last. As long as the ETH exceeds $4,400, the setup will support the buyer and the upward acceleration may be updated once momentum returns.
Dall-E special images, TradingView chart
