Ethereum whales moved 226,435 ETH in the past 24 hours — roughly $430 million at current prices. The redistribution comes as exchange reserves fell to a 10-year low of 15.13 million coins, a sign that holders are pulling tokens off exchanges. Whales now control 26.64 million ETH, about 22% of the circulating supply.
The whale activity
On-chain data shows large holders either sold or shifted a significant chunk of ETH within a single day. The timing isn't great for bulls — the price has been stuck in a tight range. Analyst Ali Martinez warns that a breakdown below $1,773 could put the current bullish outlook on hold. Another analyst, Crypto Lens, predicts ETH is stuck in the $1,860-$1,955 range, with a possible jump to $2,000 followed by a collapse to $1,400-$900.
Mixed signals from analysts
Not everyone is bearish. Martinez himself earlier spotted a golden cross and identified $1,980-$2,080 as the first major resistance zone, with a next key level at $2,773. MikybullCrypto described ETH as 'one of the best plays right now' and projected a 5x move from current levels. Gordon claimed that once ETH breaks above $2,000, 'there'll be no looking back.' CrediBULL Crypto believes ETH is about to finish a multi-year base against BTC and is headed toward an all-time high of $20,000.
What the low exchange reserve means
Exchange reserves hitting a 10-year low typically means less ETH is available for immediate sale. That reduces short-term selling pressure — but it also means thinner order books. A big buy or sell can move the market faster. The whale redistribution adds another layer: large holders concentrating supply could signal accumulation or preparation for a major move.
The clash between whale activity and record-low reserves creates a tense setup. Bulls point to the golden cross and the low exchange supply as fuel for a breakout above $2,000. Bears see the whale dump and the analyst warnings as signs of a looming correction. The next few days will test whether the $1,860-$1,955 range holds or breaks. With exchange reserves at a decade low, any sharp move could trigger outsized price swings.
