#Ethereum (ETH) has maintained strong bullish momentum, recently surpassing the $3,470 level, supported by solid technical indicators and rising trading volumes. However, beneath the surface of this rally, significant on-chain activity reveals that major holders—commonly referred to as "whales"—are beginning to reduce their exposure.
Over the past several days, two large Ethereum investors have collectively sold 178,080 $ETH , valued at approximately $528 million, according to blockchain data. These moves, while not necessarily signaling a reversal, raise questions about short-term market sentiment and potential exhaustion.
Whale 1: Trend Research Locks In Substantial Profits
The first major entity, identified as Trend Research, accumulated 184,115 #ETH between February 26 and June 20 at an average purchase price of $2,118. This equates to an investment of roughly $390 million. In the last two days, the firm sold 79,470 ETH for about $250 million, securing an average selling price of $3,145—realizing significant gains.
Despite this sizable liquidation, Trend Research still holds 105,664 ETH, currently valued at approximately $354 million. The move appears to be a strategic reduction of exposure as the asset appreciates in value.
Whale 2: Another Large Holder Realizes Over $30 Million in Profits
Another Ethereum whale followed a similar strategy. This investor purchased 132,536 ETH between June 11 and June 22 at an average cost of $2,518. Recently, they sold 98,610 ETH for roughly $278 million at an average price of $2,819, capturing more than $30 million in profit. The wallet continues to hold 35,022 ETH—valued around $117.5 million—indicating a partial exit rather than a complete liquidation.
Market Signals and Technical Outlook
These large-scale sales come as Ethereum’s daily Relative Strength Index (RSI) has reached 83.46, placing it deep in overbought territory—a traditional warning sign of potential near-term correction. Additionally, a recent surge in volume suggests distribution may be underway, with newer participants potentially entering at elevated price levels.
Despite these cautionary signals, Ethereum’s overall technical structure remains robust. The asset is trading above all major exponential moving averages (EMAs), including the 200-day EMA, and has recently broken through several long-standing resistance levels.
Outlook: Profit-Taking or Precaution?
While the actions of major holders suggest a degree of caution, they do not necessarily indicate an end to the rally. As long as Ethereum maintains support above the $3,200–$3,300 range, the uptrend could persist. Still, the strategic profit-taking by institutional investors and whales is a reminder that seasoned players are beginning to de-risk their positions, even as bullish momentum continues.
In summary, Ethereum remains technically strong, but the market is now facing its next test. Whether the rally can sustain itself in the face of significant capital outflows will depend on broader investor sentiment and the ability of support levels to hold.
