After the deployment of Fusaka and the brief rally that followed, institutional investors are rushing to Ethereum. Despite this, its price remains desperately stuck below $3,500, a paradox that intrigues the entire crypto market.
Whales are struggling to move Ethereum
Despite encouraging technical signals and sustained institutional activity, Ethereum (ETH) still struggles to initiate a true bullish phase. Its price, stabilized above $3,000, remains about 37% below its ATH, trapped between investor optimism and persistent selling forces.
On one hand, major players like Tom Lee, president of Bitmine, maintain an aggressive buying strategy, injecting an additional $435 million into the asset. The company now holds about 3.2% of the total ETH supply, a level close to the symbolic threshold of 5%. This offensive could have triggered a marked increase, but it has been neutralized by massive sales from Grayscale and BlackRock. The latter, however, continues to bet on the long term, with a request for a staked Ethereum ETF submitted to the SEC.
In parallel, several large wallets are repositioning. According to on-chain data, more than 136,000 ETH, or 500 million dollars, have been accumulated by crypto whales such as BitcoinOG (54,277 ETH), Anti-CZ (62,156 ETH), or pension-usdt.eth (20,000 ETH). These inflows reflect a renewed confidence and the belief that the market has found a solid floor above $3,000.
However, network activity is contracting sharply: the divergence between the number of active addresses and the price has dropped by 105%, a sign of growing disinterest among users and insufficient participation to support a sustainable recovery.
From a technical perspective, the analysis shows a contrasting configuration. The price of Ethereum is currently fluctuating between $2,942 and $3,172, testing a key resistance at $3,200. Immediate support is at $3,093, and major resistance at $3,437. The MACD points towards positive momentum, while the RSI at 47 remains neutral, leaving room before the overbought zone.
Despite a significant increase in futures flows (+$512 million over 12 hours), the price is still moving in a downward channel, oscillating between $3,000 and $3,509.
According to AltCryptoGems, two scenarios are now emerging: either a bullish momentum beyond $3,250, or a return to the range zone. In this context, as long as ETH does not manage to sustainably break its resistance around $4,000, positive catalysts will remain constrained by a still hesitant market, where caution prevails over euphoria.
The moral of the story: by waiting too long for the moon, Ethereum ends up camping under the stars.
