Whales Accumulating as I Watch ETH Rally Toward a New High

I’m seeing retail traders sell Ether in disbelief even as prices climb, and on-chain data suggest larger holders are quietly accumulating the dip. Santiment posted on X that bearish social chatter currently outweighs bullish commentary, signaling FUD among smaller participants while whales take advantage of the selling pressure to build positions.

Santiment points out that when retail sentiment becomes overly bullish historically, markets have corrected — for example, the “extreme greed” episodes on June 16 and July 30, 2025, preceded pullbacks. Earlier this year ETH also suffered a sharp decline, plunging about 60% from January highs and briefly trading below $2,000.

Glassnode’s metrics show that short-term ETH holders are selling more than long-term holders, which could indicate expectations of a short-term retracement. At the same time, Santiment warns there’s little “sentiment resistance,” so if buying by large stakeholders continues, prices may break higher.

ETH is trading around $4,622, roughly 5.53% below its $4,878 all-time high from November 2021 and up about 7.95% in the past 24 hours. Some market participants call this the top, while others — including traders like Ted and Inmortal — believe Ether may break out of a multi-year range and target much higher levels, with one even eyeing $10,000.