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Ethereum price has slipped into a two-month falling wedge, indicating renewed bullish momentum. The technical structure of ETH is now pointing towards a possible rally after weeks of pressure.
The bullish narrative is being challenged as major holders have begun handing out coins in force, raising concerns that bullish activity may limit gains.
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Ethereum whales show skepticism
Ethereum whales became active sellers as the price pushed higher. In the last three days, wallets containing between 100,000 and 1 million ETH have sold around 300,000 ETH. At current prices, these sales exceed $971 million, representing a significant surplus.
This behavior indicates suspicions among the main holders Regarding the capacity of ETH To maintain its height. Whales usually distribute during breakouts to secure profits. Their actions could slow down the growing momentum, especially if the demand of other groups cannot absorb the additional supply.
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Selling whales does not guarantee a reversal, but increases the level of risk in the short term. Large transactions affect liquidity positions and can put pressure on prices if they are repeated. The Ethereum rally must now face this oversupply.
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Long-term holders of Ethereum can contribute to price stability
The behavior of long-term holders provides a contrast to the distribution of whales. The Ethereum Vitality Index has fallen sharply since the end of December 2025. This indicator measures whether coins held for a long period are moving or remaining inactive.
A low bioactivity reading indicates that ETH holders are long They choose to keep Instead of selling. This model reflects the belief among investors with longer time horizons. Their discretion can contribute to price stability during short-term distribution periods.
Hold your positions When long-term investors hold their positions, volatility often decreases. Their behavior reduces the circulating supply available for sale. This dynamic may help offset the pressure from the whales and support the broader structure of Ethereum’s uptrend.
The price of ETH is expected to continue to rise after the hack
Ethereum is trading near $3,265 at the time of writing this article after confirming a breakout of the falling wedge pattern. The model indicates a potential upside of 29.5%, targeting $4,061. Achieving this level requires continued demand and reduced distribution.
A more realistic short-term goal is a lower level. ETH could go up About $3,447 if $3,287 is secured as support. Confirmation of this level will confirm the strength of the breakout and provide a basis for a move beyond $3,607.
Be aware of the negative risks as they remain linked to the behavior of the whale. If sales power increases, Ethereum could go down Under $3,131. A deeper drop towards $3,000 or even $2,902 would invalidate the bullish hypothesis and breakout, leaving eth vulnerable to a corrective phase.
