Ethereum (ETH) whales, who are influential in driving the altcoin’s price, have been quiet since July. On-chain data indicates these large holders stopped accumulating ETH, contributing to its sluggish price performance. The arrival of September, known for heightened volatility, raises the question of whether these whales will resume buying and shift the market.
Data from Glassnode reveals that addresses holding over 10,000 ETH last made a significant purchase on July 5. Since then, these whales have been either selling or redistributing their holdings. This shift appears to have influenced Ethereum’s price. Between July 8 and 16, ETH surged but struggled to break the $3,500 level afterward, suggesting that large-scale distribution played a role in the price decline.
Recently, BeInCrypto suggested that Ethereum could face a prolonged downtrend. However, with September known for its volatility, there’s a chance that whales may resume buying toward the month’s end, with the full impact possibly seen in October.
On the retail side, Santiment data shows a significant spike in new Ethereum wallets created on September 9. Network growth surged to 126,000, the highest level in nearly four months, indicating increased demand for ETH. This spike contributed to ETH’s price rebound to $2,300, but the figure has since dropped to 30,400, suggesting the demand surge could be short-lived.
Ethereum is currently trading at $2,312 but faces potential resistance at multiple Fibonacci retracement levels, starting at $2,384. The Balance of Power (BoP) indicator, measuring the strength of buyers and sellers, has turned negative, indicating stronger selling pressure. This divergence suggests a possible reversal from the current uptrend.
If sellers continue to dominate, Ethereum’s price could fall to $2,278 and further down to $2,149 with sustained selling pressure. However, this outlook could change if whales start buying in large volumes, potentially rallying ETH toward $2,645.
